The Coast Guard said they suspect this was a human smuggling venture.
The rescued individual told authorities that he had left Bimini, Bahamas, with 39 others on Saturday night and they encountered severe weather, causing the boat to capsize.
According to the survivor, no one on board the vessel was wearing a life jacket.
As of now, the Coast Guard is the only agency engaged in rescue efforts, the US Coast Guard Southeast told CNN. The search area extends from 45 miles east of Fort Pierce Inlet down to Bimini.