One woman was dead and two people are missing and presumed dead, officials said. The owner of the boat survived, pulled from the water by the captain of a fishing boat after being in the water overnight.
"He saw what he thought was a kayak," Chicago Fire Chief Joe Roccasalva said. "It turned out to be an adult male in a life jacket."
Roccasalva said the boat left Chicago sometime Saturday for New Buffalo, Mich., a popular resort on Lake Michigan's eastern shore. The owner told investigators two people were dropped off there and the vessel capsized on the return trip.
The owner was suffering from hypothermia when he was found. Once he was able to give a coherent story, the Coast Guard began an intensive search for his passengers.
A woman, identified as Ashley Haws, was pulled from the water but was pronounced dead a short time later. Authorities said Monday the search for the missing, a man, 30, and woman, 27, would not be resumed unless there are new developments.