He was treated by paramedics on the beach and then airlifted to a hospital.
A rescuer said the victim may not be alive if it wasn't for those who got to him first.
"They saved this gentleman's life, them taking immediate action to pull him out of the water, to get him ashore and to call 911 was incredible. They are true heroes," LAFD rescuer Brian Cummings said.
"If his partners didn't yell at my brother, he didn't hear his partners yell, he would have been dead for sure," said John Alba, who helped rescue the fisherman.
Officials say the victim is in stable condition. The two other victims were treated at the scene and released.