Witnesses saw a person disappear in the water and divers located the body a short time later.
It all happened after 7 p.m. on the lake near the Mill Avenue Bridge.
The victim's body has been taken to the Maricopa County Medical Examiner's Office.
The name of the victim has not been released as authorities have not notified the next of kin.
This is a developing story, stay tuned to FOX10Phoenix.com for updates.