The former WWE Superstar and his son were swimming on Sunday afternoon when they were pulled out to sea by a strong rip current.
Lifeguards successfully rescued the 10-year-old boy first but were unable to save Gaspard, who was declared missing shortly after.
His son, Aryeh, was pulled from the water in good condition and did not require hospitalization.
According to numerous reports, Shad instructed the lifeguards to save Aryeh first, which ultimately left him struggling in the water.
On Tuesday, the US Coast Guard suspended its two-day search for the 39-year-old and 24 hours later, his body was found washed up near Venice Pier.
Los Angeles County lifeguards confirmed the heartbreaking news on Wednesday afternoon.
In WWE, Gaspard formed part of the Cryme Time tag-team, working with his close friend JTG.
The pair made a number of appearances on both the SmackDown and RAW rosters before Shad went on to pursue a successful career in Hollywood.
He leaves behind his wife, Siliana, and his 10-year-old son, Aryeh.