A spokesperson for the Canadian Coast Guard says the man apparently fell from a 46-foot American sailing vessel during Saturday's thunderstorms.
A search and rescue Cormorant helicopter from CFB Gander and a Hercules aircraft from CFB Greenwood in Nova Scotia scoured the area.
The HMCS Goose Bay also patrolled the region, about 16 kilometres off the coast of Stephenville.
The body was found by the crew of a Cormorant.
No details have been released on the identity of the man who fell overboard.