The skydiving centre Thai Sky Adventures told the BBC they believed the man may have had a heart attack or a stroke after leaving the plane on Thursday.
The man landed in a reservoir and was quickly pulled out.
Thai authorities are investigating and The UK Foreign Office is yet to confirm the man's identity.
Thai news portal Khaosod quoted a senior police official as saying: "We have to check whether he died from the jumping or from drowning."
Eyewitnesses told the centre they saw the man, an experienced skydiver, rolling onto his back and spinning in mid-air shortly after he jumped, the BBC reported.
His parachute was seen to be deployed, but he did not steer it as he drifted towards the ground. He missed the designated landing spot and landed in water.
It is the second death to have happened at Thai Sky Adventures, which opened in 2009. Last year a Russian instructor died during a jump.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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