A multi-agency response was launched following a call to a person in the water just after 4pm on Sunday.
Officers from the South West Command Unit and Surrey Police responded and began a major search of the area.
They were assisted by a police helicopter, the London Fire Brigade, the London Ambulance Service and the RNLI.
Police have now confirmed that the body of a man, believed to be in his early 20s, was later recovered from the water by police divers.
The man’s family have been informed and are being helped by specialist police officers.
Superintendent Richard Smith said: “Our thoughts go out to the young man who has lost his life.
"Our officers worked incredibly hard with partner agencies but, despite a rapid, response he could not be rescued.
"We recently saw another tragic incident in which a young boy died after entering the Thames at Tagg's Island. I must again sadly reiterate the dangers the water poses.
"It may look appealing but the danger and risk of loss of life is incredibly real. Please do not enter the water at any point.
"The consequences are enormous and we do not want to see any more families having to suffer such terrible news."