The accident happened just after 11 a.m. Saturday in the Puddingstone Reservoir at Frank G. Bonelli Park located on the 100 block of Via Verde Park Road.
Gregory Belda died after his boat lost control during a practice run between heats of a three-day speed boat race, and was run over by the boat behind him. One other person was injured and taken to the hospital.
The race event was cancelled.
The accident is the same site where three women were killed when their Sea-Doo collided with a boat back in 2011.
CNS contributed to this report.