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The Houston Police Department responded to a possible drowning call at 20000 Atascocita Shores Drive at about 3:12 a.m.
The missing man was boating with two other men when it started to sink, according to police.
Investigators initially said one of the men swam to the shore while the others remained missing.
By 11:30 a.m. Sunday, Houston police confirmed a second man swam ashore and walked to a nearby gas station for help.
In an update, HPD told Eyewitness News that authorities are still searching for the third boater and issued a missing persons report.
Police identified the 17-year-old as Marvin Reyes Oliva. HPD describes Oliva as a Hispanic male who is 6 feet 2 inches tall and weighs 140 pounds.
Authorities say Oliva was last seen wearing a yellow shirt.
If you have any information about Oliva's whereabouts, authorities urge you to contact the Houston Police Department's Missing Persons Unit at 832-394-1840.