Slovenian Andrej Beuc, 34, was taking part in a competition on the River Drina in Bosnia and Herzegovina on Sunday, when he got into difficulties in the water after his jump.
Thousands of horrified spectators watched as Andrej struggled to keep his head above the water after diving into the river.
Rescue boats immediately rushed to attempt to rescue him but reports suggested the murky water made it difficult to spot the athlete.
The competition was suspended after the tragic incident in Zvornik.
Zoran Stevanovic, Mayor of Zvornik, said: "This is an athlete who had thousands of jumps. [The incident has hit] me hard."