Chanchal Lahiri was meant to escape and swim to safety but did not emerge from the Hooghly river in West Bengal state.
Crowds who watched him take the plunge on Sunday alerted the police, who then launched a search operation.
A body resembling the magician was recovered on Monday evening, but the identification is yet to take place.
WHAT HAPPENED ON SUNDAY?
Mr Lahiri, also known as Mandrake, was lowered into the river from a boat for his trick.