The man, believed to be 41, was with five other men on separate inflatable lilos when he became wedged on a large submerged rock in the Colo River about 1pm on Saturday, police say.

The man, who is still partially underwater, was declared deceased by paramedics who were winched into the location.

Emergency services attended the river near Grassy Hill Trail about 7pm on Saturday but due to fading light and difficult terrain the operation was suspended.

All other men were uninjured and the recovery operation is due to begin on Sunday at about 10am.

Australian Associated Press