The man, believed to be in his 30s, was found dead at holiday apartments in the party town of San Antonio.
At approximately 4pm local time, emergency services scrambled to Central Park Apartments after a 999 call.
Medics were unable to save the man who died a short time later.
Police enquiries are ongoing but initial reports suggest that the death may be drug-related.
The man is yet to be named but is believed to have been on the island with a large group for a stag do.
A well-placed source told Mirror Online that the man was British and part of a group of around 10.
The men checked into the Central Park Apartments just three days ago and were due to leave tomorrow.
A receptionist at the apartments which is near San Antonio Beach and a short walk from Eden and Es Paradis nightclubs declined to comment.
But the source said he believed the group the dead man was with were on a stag do.
He said: “The men were sharing rooms. They had jetted to Ibiza three days ago and were due to leave tomorrow/on Thursday.
“The body has now been taken away from the apartments to the island’s Institute of Forensic Medicine.”
According to the OnTheBeach website, the Central Park Apartments are “located in the heart of San Antonio by the beach”.
Additional reporting: Gerard Couzens