The incident happened just before noon on Tarheel Road off Highway 242 North of Benson.
The victim's friend told authorities he fell into the water while fishing on a boat, according to newsgathering partners at the Johnston County Report. The friend attempted to save the man but was unable to.
Emergency personnel found the victim.
Officials have yet to release the identity of the man at this time.
This is a developing story, stay with ABC11 for more details.