9News understands lifesavers dragged the man from the water at North Palm Beach around 3:30pm, and delivered CPR on the beach.
He had been swimming with two friends when he got in trouble.
Lifesavers managed to revive him by the time an ambulance crew arrived.
He has been taken to Northern Beaches hospital, where he is understood to be in a stable condition.
Footage from 9News showed a small crowd of people gathered around the man while CPR was being given by lifesavers.
More to come.