Chad Salisbury, 18, from Leyland, Lancashire, died on Ullswater Lake on Saturday afternoon.
Police divers recovered his body in the early hours of Sunday.
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Hide AdIn a statement Mr Salisbury's family said he was "frightened of nothing" and was always up for a challenge.
"Chad was a much loved and well liked lad. He was outgoing, loud and very popular in the Leyland area.
"He loved motorbikes and cars - he was always taking things to bits - but whether he could put them back together was another thing.
"He brought joy to so many people in his short life and we are all devastated by this tragic event."