Michael Talley, 45, from Houston, was jet skiing with his daughter on Canyon Lake Sunday afternoon.
When he took a sharp turn, they both fell into the water.
They were both wearing life jackets, but Talley took his off and threw it to his daughter, who made it safely to shore.
Talley did not reappear and officials were called around 1.45pm.
Dive teams, Texas Wildlife Game Wardens and other search and rescue units looked for Talley until Sunday evening.
The search was suspended temporarily because of the dangerous conditions of a night search, but Texas Parks and Wildlife said divers will return to the lake Monday morning.
Talley is a business owner and a single father raising several daughters, including two twin daughters, Houston’s Channel 2 News reported.
His friends told the outlet they are not surprised that Talley would risk his life for one of his daughters.