2 ambulance crews are currently on scene at Shanklin Esplanade alongside HM Coastguard.
Witnesses say the individual, who appears to be wearing a wet suit or similar, is receiving CPR on the beach.
The Hampshire and Isle of Wight Air Ambulance is flying south towards the Isle of Wight.
UPDATE @ 15:35 – An Ambulance has left the scene on lights and sirens and is responding to St Mary’s Hospital in Newport. However, the inbound air ambulance has now turned back after getting as far as Newchurch.
It is thought that the man had returned to the beach after enjoying watersports at Small Hope Beach when he suddenly collapsed.
Coastguard Rescue Officers are speaking to people in the local vicinity and Police have arrived on scene.