Investigators believe the 25-year-old jumped in to try and rescue his 3-year-old daughter, who was having trouble in the water.
She was rescued by the Galveston Island Beach Patrol.
Coast Guard crews searched approximately 68 square miles for over 20 combined hours.
"Considering the extensive efforts of Coast Guard crews and our numerous state and local agency partners, we determined it was time to suspend our search for the missing individual," said Cmdr. Michael Cortese. "This is an absolutely heartbreaking situation, and our thoughts are with this man's loved ones during this painful time."
Galveston Beach Patrol Chief Peter Davis said a report of a girl in distress came in at about 7 p.m. Sunday.
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Responders were able to locate and rescue the child, who was on a float that had been blown by strong winds.
According to Davis, family members realized the child's father was missing when they returned to where they were grouped up on the beach.
His family fears that he swam out to rescue the child, but fell victim to the currents and ever-shifting sands, the patrol said.
The patrol added that it is presuming the incident as a drowning fatality.
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"Our hearts go out to the family and we hope for a quick recovery to help with closure," the patrol said in a statement. "The public is reminded not to swim at either end of the island because of dangerous tidal currents and uneven bottom contours."
Only one drowning had taken place over the summer before this ordeal, Davis said.
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