Emergency services were called to a rental villa in Sant Josep in the southwest of the island just after 3am on Sunday.
They carried out CPR on the 19-year-old boy, but according to local media he could not be saved.
A post-mortem is reportedly under way to determine if the teenager was intoxicated.
A Foreign Office spokesman said We are providing assistance to the family of a British man who died on 8 July in Ibiza, and are in contact with the Spanish authorities.
On Friday, a 26-year-old British man was admitted to hospital after nearly drowning in an Ibiza hotel pool.
A hospital spokesman said the man is in critical condition and the incident was at the Paseo Joan Carles I de Vila.
News Source SkyNews