Cheshire Police said on Sunday the body was recovered from the stretch of water in Clincton Woods, Widnes, by emergency services looking for a teenager feared to have fallen in.
She was named locally as Teya Davies by friends paying tribute online following the tragedy on Saturday.
A fundraising page was set up to provide support to her parents.
"She was only 14. Our girls are heartbroken so can only imagine what her family are going through," the page's creator, Michelle Spilling, wrote.
One local father, who asked not to be named, said the "very sad" incident happened in a poorly-maintained pond which is "not suitable for swimming" because it is full of "weed, silt (and) rubbish".
Police received reports about the girl's safety shortly before 5.50pm on Saturday.
"Officers and emergency services made a search of the area to locate the 14-year-old girl and a body was found in the water," a spokeswoman said.
While formal identification is yet to take place, she added: "The family and friends of the girl have been informed and are being supported by officers."
The Woodland Trust conservation charity describes the park as being popular with schools, dog walkers and anglers, having been designated as a nature reserve in 2001.