The businessman, 62, was pulled from the River Wharfe, in Yorkshire, England, according to police reports, and a Segway-like vehicle was also recovered at the scene.
According to a report in British newspaper the Telegraph, Heselden, who was known as Jimi, was discovered by a passerby after apparently falling from a cliff above the river. Police do not believe the death to be suspicious.
Heselden was worth about £166 million. He was a former miner who made his fortune from his company, Hesco Bastion, which developed a wire cage water containment system which was used to control floods and used in military defense.
He was also heralded for his charity work, including the British veterans' charity, Help for Heroes.
The Segway, a motorized scooter, is controlled by the direction the rider leans. It used gyroscopes to stay upright. The device was invented by Dean Kamen, who sold his company to Heselden earlier this year.