The grim discovery was made after 10pm last night close to Magheragallon pier.
The body was found by a group of people in a boat returning from Gola Island.
A car which was parked on the pier nearby is believed to belong to the dead man.
The man has not yet been formally identified but it is believed he is a fisherman from the locality.
Gardai were called to the scene last night to help recover the body.
Early indications are that foul play is not suspected.