Officials said a good Samaritan found the 32-foot fishing vessel overturned around 2 p.m. Thursday and pulled one person out of the water.
A second person remains missing.
The Coast Guard said it is using multiple boats and a helicopter to search for the missing man.
A C-130 plane from North Carolina was expected to join the search.
SEE ALSO: Missing boater found clinging to capsized vessel shares survival story
Missing boater found alive arrives in Wilmington