Paramedics say one man has been taken to hospital after his body was recovered near Tommy Thompson Park.
According to EMS, the body was spotted by bystanders in the water around 9 a.m.
Crews recovered the man and he was transported to hospital vital signs absent.
Peel Police have identified the victim as 36-year-old Timothy Kelley, a kayaker who was reported missing earlier this week.
Timothy Kelley was last seen on Thursday when he left his home on South Millway in Mississauga, to go kayaking down the Credit River.
It’s believed he launched off at Erindale Park towards the lake at around 8 a.m.
He is currently in hospital where he remains in serious condition.
Missing Kayaker Timothy KELLEY found in Lake Ontario in grave condition by TPS. Taken to Toronto hospital where he remains with family
— Peel Regional Police (@PeelPoliceMedia) October 31, 2015
With files from Danny Longo