The Coast Guard says the pilot was found at about 4 p.m. Monday by a good Samaritan about 3 miles south of Ninigret Pond.
Boats had been searching the area after the man radioed his son just after 3 p.m. saying he was going down.
U.S. Coast Guard Search and Rescue Controller John Harland told The Westerly Sun the boy helped them pinpoint his father's location.
Authorities say the pilot was not seriously injured.
The Day of New London reports the plane was owned by Simmons Aviation, which has a division called Banner Tow-USA.