Medford police say 23-year-old Jeremy Chan of Mountain Lakes and another man were in the craft when the accident occurred around 2 a.m. Saturday.
The other man swam to shore and then went to a nearby house in the Burlington County community, where he alerted friends. They then called police and went to the lake to search for Chan.
A state police helicopter later spotted Chan's body, and a Medford Fire Department dive team recovered it around 3:20 a.m.
It's not yet known what caused the craft to capsize.
