It happened at around 7:45 p.m. at the Falls Beach area of Bass Lake near the Willow Creek Trailhead of the Sierra National Forest.
Madera County Sheriff's deputies say the boy went under water and did not come back up.
Water rescue crews arrived to help and were able to find the boy and get him out of the water 45 minutes later, at 8:30 p.m.
First responders immediately started CPR.
The teen was taken by ground ambulance to a helicopter, which then took him to Valley Children's Hospital.
On Sunday morning, authorities said that the teenager had been declared dead at the hospital.