A major search operation was launched in Sunday afternoon after an incident involving a personal watercraft in Muckross Bay.
One man was rescued after swimming to shore but a second had disappeared.
Searches continued into Monday, with the PSNI confirming the body of a man was recovered from the lough later in the day.
“It would appear that what had started out as an exciting afternoon on a jet ski unfortunately has now ended with a fatality,” said Ulster Unionist MLA Rosemary Barton.
The Belfast Telegraph has more on the story HERE.