Three emergency service members were hospitalised after also ending up in the bitterly cold water during the dramatic rescue attempt on Lurgan Park lake.
The man fell through the ice at around 2pm on Sunday and police, ambulance, fire service and the coastguard were all involved in the operation to save him.
A police helicopter managed to hoist him from the lake back up onto a thicker section of ice, but a boat carrying two fire service personnel and a paramedic capsized as it tried to negotiate treacherous conditions to reach him.
Two of the three managed to swim to shore and the other was rescued by a fire crew.
The stricken man was eventually brought to the bank of the lake where he was attended to by paramedics and an off-duty doctor who was in the area at the time.
He was airlifted by the coastguard to hospital where he later died.
Police Chief Superintendent Alasdair Robinson thanked all those involved in the rescue attempt.
"I have nothing but praise and admiration for all the emergency personnel who attended this scene today," he said.
"All of them risked their lives in this rescue. It is not only testament to their skill, bravery and selflessness but to the co-operation of all the agencies who were present."