The man has been identified as 25-year-old Erick Villatoro Rodriguez.
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California State Parks says at about 4 pm, rangers received a 911 call about a potential drowning on the lake's south shore near Boat Ramp #1.
When rangers and lifeguards arrived, they found that a good samaritan had already pulled Rodriguez out of the water.
Lifeguards gave Rodriguez CPR until an ambulance could transport him to a hospital.
Officials confirmed that he died at the hospital.
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Millerton Lake has a designated swim beach with a lifeguard on duty, but this water rescue did not occur in that area.
The California State Parks remind everyone that the water in Central California lakes and waterways is cold as record snowfall continues to melt in the high Sierra.
EDITOR'S NOTE: The video above is from a previous broadcast and will be updated.