The driver was found up the road, and he may face charges, according to DeSoto County officials.
Eudora Fire Department also responded to Cypress Drive off Highway 304 near Hernando. Along with deputies, they found the truck in four to five feet of water.
About an hour after the search began, word came that the driver was located at a nearby house, within sight of the search.
"When one of our citizens is found, who may well have lost his life, you can't help but be happy about it and pleased with it," DeSoto County Sheriff's spokesperson Dick Hackett said.
Deputies were in the process of informing the man's family that his truck was found in the lake when he turned himself in.
Speed was a factor since the truck was so far from the shore.