A 40-year-old man, who was pulled from the water, died in the incident, which occurred about 3 p.m. Saturday off Sandy Point State Park, said Sgt. Art Windemuth of the state Natural Resources Police.
He declined to release the names of the victims. All three boaters were wearing life jackets when the boat capsized, he said.
Several agencies spent roughly 24 hours searching the area for the missing man, also 25, and the boat, Windemuth said. The Coast Guard used a helicopter, and Natural Resources Police scanned the bay floor with two sonar devices, he said, adding that the Anne Arundel County Fire Department also assisted.
The sunken boat was located in about 40 feet of water, and Natural Resources Police said they would arrange for salvage operations over the next several days. The search for the missing man was suspended Sunday afternoon and is to resume Monday by the Natural Resources Police.
The Associated Press contributed to this article.