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After reportedly gone out canoeing in the middle of the night, Colby was found in under suspicious circumstances, near his home in Rockpoint MD. He reportedly did not mention any canoeing plans to his wife, nor was it normal for him to go boating at night. Colby's body is not immediately located, but later found underwater - close to where his canoe was. The cause of death was reportedly an aneurism, which caused him to drown, and become hypothermic. He was laid to rest at Arlington National Cemetery on May 13, 1996.
Sources
http://www.rotten.com/library/bio/usa/william-colby/