Mike Jackson, of Canterbury Police land search and rescue team, said the young man was in Christchurch visiting friends.
He said water currents were proving a challenge for the divers and searchers.
Local man Flynn Parker was at the scene last night and said it happened at a popular rope swing site.
"A helicopter came in very swiftly and was searching for two hours back and forth in the trees," he said.
"Around four boats, including the harbour master and kayaks, etc, all were looking in the water."
He said kayaks, boats and a bunch of people on little orange boats had been searching for the swimmer near the rope swing.
"Not looking very hopeful, sadly."
Wednesday's event came just four hours after a tragedy at the city's Waltham pool.
In that incident, emergency services were called at 2.45pm after reports a child had been found unresponsive.
CPR was carried out on the child at the scene.
But police confirmed that "tragically the child was unable to be revived".