The two vehicle crash occurred around 4:45 a.m. near the intersection of Grant and Jackson avenues.
Police say John Dingle Jr. and Lateef Scarlett were racing on the roadway when Dingle's car hit a tree and Scarlett's car overturned.
Scarlett's car went into a lake and he drowned.
Dingle suffered minor injuries.
Dingle is charged with reckless driving, racing and driving while intoxicated.