Citing local media, Sky News reports that the 26-year-old tourist was staying at the Tanit apartment building in San Antonio, where he was found at 4.15am yesterday (August 6).
Spanish newspaper Diario De Ibiza said emergency services were called but were unable to save him.
It said a post-mortem examination was due to be carried out after the man’s body was recovered by authorities.
A Foreign Office spokesperson said: "We have offered assistance to the family of a British man who has died in Ibiza, and remain in contact with the local authorities."