Police, Sandown & Shanklin Independent lifeboat, Bembridge Coastguard Rescue Team and Ventnor Coastguard Rescue Team are all involved in the ongoing incident.
Search teams have assembled at Rhylstone Gardens, Luccombe where a footpath leading down to the beach has been cordoned off.
It is thought search teams are looking for a male.
The alarm was raised around 10:45 following the discovery of what is thought to be a note.
UPDATE @ 12:14 – Coastguard Rescue helicopter 175 has now joined the ongoing search.
The helicopter, which is based out of Lee-on-Solent, is conducting a search along the coast between Shanklin and Ventnor.
UPDATE @ 13:40 – Search teams have now been stood down from the incident. Nothing has been found.
Police are conducting further enquiries.