The incident happened just after 6:30 p.m. Sunday at Little River Park.
The man, 36, has not yet been identified.
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Officials said the man swam out to save a child.
He was able to rescue the child but went back under while trying to get ashore.
A rescue team performed CPR for about an hour but was unsuccessful.
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Zebulon police chief Timothy Hayworth said this was the first drowning at that spot in at least 18 years.
"This portion of water is not a rapid, not a rough area of water, not a deep area of water and most people come down here to fish or wade out in the water," Hayworth said. "It's not known as a local swimming hole. It's more like a play area. That's what makes it that much more sad. People come here to enjoy their day and relief from the heat and we have a tragedy like this."