The three men set sail on Monday from the Playa Azul restaurant near San Juan Cosala in the western Mexican state of Jalisco.
They were reported missing by family members after they failed to return.
Their empty vessel was found in Lake Chapala Tuesday afternoon. The body of a 78-year-old Canadian was found floating nearby shortly afterward.
Rescue workers also found the bodies of another Canadian and an American. They were identified as between the ages of 65 and 75.
Foul play not suspected
Chapala fire co-ordinator Jose Ramon Ledezma confirmed their nationalities and ages.
Ledezman said the lake can be treacherous due to strong winds in the evening and vegetation growing below the surface.
He added the vessel the men were travelling in was not in optimum conditions and was lacking life-jackets and security equipment.
Forensics will determine the cause of death, but police do not suspect any foul play.
Authorities confirmed the three victims were residents of different towns located close to the lake.
The Department of Foreign Affairs said Canadian consular officials are in contact with local authorities and are providing consular assistance to the families.
The department cannot release further details due to privacy reasons, a spokesperson told CBC News in an email.