The boat sank in the Mediterranean Sea off Burg Rashid, a village in the northern Beheira province.
Of the 29 bodies found so far, 18 were men, 10 were women and one was a child, local officials said.
"Initial information indicates that the boat sank because it was carrying more people than its limit.
The boat tilted and the migrants fell into the water," a senior security official in Beheira told Reuters.
Rescue workers have so far saved 150 people. The boat was carrying Egyptian, Syrian, and African migrants, officials said.
It was not immediately clear where the boat was headed, though officials said they believed it was going to Italy.