Police were called to reports of a theft of a bicycle from Citadel Road East in Plymouth around 6.10am on Sunday.
A man was located by police but he made off and was followed by officers into Sutton Wharf.
The man was seen by members of the public to enter the water close to The China House pub around 6.30am. He became trapped between a disused fishing vessel and the harbour wall.
Two lifeboats and the fire service water rescue team were deployed but were unable to reach the man due to his location.
The Royal Navy dive team was deployed and has recovered the body of the man.
Police enquiries continue to establish the identity of the man and the scene has been cordoned off.
The incident has been referred to the Independent Police Complaints Commission.
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