Emergency crews were called to the intersection of Channel Parkway and Skaha Lake Road around 3:30 a.m. Sunday morning.
A grey Toyota Tacoma was on its side in the channel, about ten metres from shore.
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Penticton Fire Rescue dispatched their two new jet-ski rescue crafts and found a man still inside the truck.
They broke a window to get him out and CPR was started immediately but the 34-year-old Penticton man could not be saved.
Penticton Search and Rescue was also called out at first light, to look for any more potential victims but police now say the man was the sole occupant of the vehicle.