Police say the body was found in a channel of the Okanagan River Friday morning, and that the death is deemed suspicious.
An autopsy is scheduled for early next week, RCMP say.
Next-of-kin notification is still underway, and police have only identified the man as a 24-year-old from Alberta.
Okanagan Falls is the name shared by a waterfall, a provincial park and a community, known colloquially as "OK Falls," which is approximately 20 kilometres south of Penticton, at the south end of Skaha Lake.
Google Map: Okanagan Falls, B.C.