The 19-year-old man got into difficulties at the same spot where an 18-year-old drowned in July 2020.
He has not yet been identified.
North Yorkshire Police said: "A teenager has tragically died after getting into difficulty in the River Wharfe at Grassington.
"Police were called by the ambulance service at about 7.45pm on Thursday July 22, to a report of a 19-year-old man in difficulty in the river at Grassington.
He was treated by paramedics, but sadly pronounced dead. Enquiries are ongoing."
His death is the sixth Yorkshire drowning tragedy in just six days. Last weekend, a man in his 50s died in the River Ouse in York, and the bodies of young men were recovered from the lake at Pugneys Country Park in Wakefield and the lake at Crookes Valley Park in Sheffield. Fifteen-year-old Caden Taylor's body was pulled from a canal near Knottingley on Tuesday.
On Thursday a 55-year-old man died after he and his two teenage children were caught in a rip tide off Reighton Gap, near Filey. The children were rescued.
In March, an inquest into the death of Mohammed Bilal Zeb, 18, at Linton Falls in July 2020 was heard.The newly married Bradford teenager was celebrating Eid with his extended family when he jumped from a rock into the river with other boys, despite being unable to swim.
He drowned in less than a minute.
Speaking at the hearing, firefighter and water rescue instructor David Dixon said: "Any body of open water in a natural environment is dangerous. Linton Falls is a popular water feature with swimmers and kayakers, but it is no safer in summer and different hazards come into play at different times of year. The temperature is constantly cold and historically there have been accidents and fatalities.
"Don't go into open water if you can't swim. These places are not controlled or managed and they present hazards that can often prove fatal to all levels of swimmer.
"Swim only at approved sites where lifeguards are on duty."