UPDATE 12:45 P.M.
Iowa State University has confirmed that a second student has died in the Sunday incident, with the body recovered by dive teams on Monday.
A member of the Iowa State University Crew Club has died and another is missing after their boat capsized during practice on a lake Sunday morning.
The five-person crew was practicing on Little Wall Lake in Hamilton County, around 20 miles north of Ames, when the accident happened.
Three students were rescued and treated for their injuries, with dive teams recovering the body of another student.
The search for the fifth student is continuing on Monday.
"The Iowa State community is heartbroken to learn of this tragic accident at Little Wall Lake," said Iowa State President Wendy Wintersteen.
"At this time, we are focused on providing support to club members, their families and friends. We ask that everyone keep them in their thoughts during this very difficult time."
The names of the students have not yet been released by the university. The investigation into the incident continues.