Police were called about 6.45pm after the man's friends were unable to locate him after he had gone for a swim near the Waimakariri Bridge.
A police spokesman said a search of the river with assistance from the Kaiapoi Coastguard last night did not locate the man.
The Police National Dive Squad has been deployed and is expected to assist in the search tomorrow.
Anyone with information about the incident is asked to call 105 and quote file number 210130/5446.