The Libyan, together with a 17-year-old Moroccan man, burgled a car in Voula at dawn Wednesday but the car's owner spotted them and alerted police.
A DIAS motorcycle police squad was immediately dispatched to the scene, and the two burglars fled as soon as they saw them.
Police arrested the Moroccan teenager a short distance away, but the Libyan man dove into the sea and disappeared.
Police alerted the Coast Guard, which found and retrieved the body of the Libyan from the sea.
The Moroccan man will appear before a prosecutor later Wednesday.