Officials have identified him as 20-year-old Vincent Chang of Fresno.
According to the Madera County Sheriff's Office, the three people were not in a canoe, as initially reported.
Investigators now say the group was standing and fishing in the river near Sycamore Island around 4:30 p.m.
Authorities say the three began walking farther out into the water when a current swept them into a deeper area.
Two of the individuals made it back to shore with help from a kayaker.
Chang, however, was not a strong swimmer and went under the water and did not resurface.
Multiple agencies responded, including the Madera County Sheriff's Office, Fresno Fire, North Central Fire, and Madera County Fire.
The Fresno Fire Water Rescue Team located Chang with help from a CHP helicopter and brought him out of the water.
Officials attempted life-saving measures before Chang was taken to the hospital, where he was later pronounced dead.
Sheriff Tyson Pogue released a statement, saying:
"Our thoughts are with the victim's family and friends during this difficult time. This is a tragic incident and a reminder of how quickly conditions on the water can become dangerous. We encourage everyone enjoying our waterways to wear a properly fitted life jacket at all times and to make water safety a priority. Taking simple precautions can help prevent future tragedies."