Holyhead Coastguard was alerted to a person in the water off the coast of Tywyn at about 19:30 BST on Tuesday.
Aberdovey RNLI also took part in the rescue but the man was pulled from the water by the body boarder that had raised the alarm.
The coastguard said the man refused medical treatment after he was safely brought to shore.
A man has been rescued from a rip tide in Cardigan Bay by a body boarder off the Gwynedd coast.