The Maui Police Department said that it responded to the scene at about 11.19am local time on Saturday.
"Upon arrival, Ocean Safety Officers were transporting a male who sustained injuries from a shark encounter via jet ski to shore," they said in a statement.
"Once onshore, life-saving measures were performed by first responder personnel until medic personnel arrived to transport the male to the Maui Memorial Medical Center for further treatment" before he "later succumbed to his injuries and died," the local agency added.
The man's identity has not yet been announced to give time to notify extended family and friends. An investigation into the incident continues.
Both Baldwin Beach Park and Lower Pā'ia Park - Baby Beach - were closed on Saturday after the shark encounter, county officials said, according to ABC News.
The Hawaii Department of Land and Natural Resources said that shark warning signs were posted for a mile in each direction of where the incident occurred, "from Tavares Bay to Baby Beach".
"By noon on Sunday, if no further signs of shark activity are detected, signs will be taken down," they said on Facebook.
"The preliminary investigation reveals no signs of foul play; an autopsy has been scheduled," police added.
The Hawaii Department of Land and Natural Resources added that the man "was surfing and water conditions were reported as 'mixed' due to high surf conditions".
When you see a shark bend its back, point its fins down and take quick moves back and forth - get the Hell out of the area. It is warning you it doesn't like your presence.