The 18-year-old disappeared under the water at Prestonhill Quarry in Inverkeithing, Fife, just before 5pm yesterday.
Firefighters and paramedics were called to the scene but the man's body was recovered from the water 9pm.
An investigation is underway to establish the circumstances of what happened.
A Police spokesman said: "Police Scotland can confirm that an 18 year old man has died following an incident at Prestonhill Quarry in Inverkeithing, Fife.
"Officers were called to the quarry shortly before 5pm after receiving a report that a male had disappeared under the water.
"The teenager died at the scene and, following a multi-agency operation also involving the Scottish Fire and Rescue Service and the Scottish Ambulance Service, his body was recovered at around 9pm.
"Enquiries are underway to establish the full circumstances of what happened and Police Scotland's thoughts are with the family at this very difficult time."