The drowning happened just before 2 p.m. Saturday near the Highway 50 boat ramp. The search continued through the evening and overnight.
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The Wake County Sheriff's Office said the body of 30-year-old Jamal Brinson, of Charlotte, was found around noon Sunday 11-feet below the surface of the lake.
Witnesses told Wake County Sheriff's Office that the Brinson was part of a group of family members and friends on a rental boat.
The man ended up jumping into the water to retrieve an article of clothing. He went underwater and was not seen again.
"We send out our condolences to the victim's family," the sheriff's office said in a tweet.
A few months ago a 19-year-old drowned in Falls Like while out swimming with friends.
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WATCH: State Park officials urge people to be prepared before swimming, boating
Be prepared before swimming and boating, state park officials say