Police and the Chicago Fire Department responded to a person in distress at about 11:59 p.m. in the 1200-block of West Touhy Avenue.
A witness told police that a 23-year-old man was last seen in the water and did not get out.
A search was conducted and the man was pulled from the water and transported to St. Francis Hospital, where he was pronounced dead, police said.
Authorities have not released the victim's name.