The Pittsburgh-based commission announced Wednesday it will present a medal and cash award to 53-year-old retired air traffic controller Keith Smedema.
Smedema was riding his bike in White River State Park in February 2013 when he saw a woman struggling in the 4-foot-deep White River Thursday and jumped in to rescue her. Officials estimated the jump at about 40 feet.
The woman said she was taking a picture of some ducks when she fell into the river.
"I just saw a flash in my peripheral vision, something going on and I distinctly heard the plop," Smedema said.
The plop he heard was a woman hitting the water from the bridge. After questioning himself if she jumped or fell, he heard a plea for help and jumped into action.
"She asked for help and there were some other people walking by and I yelled at them to call 911," he said.
Smedema took the woman to a sandbar where they remained for a half-hour until a rescue crew reached them. Emergency officials said at the time both had hypothermia but no life-threatening injuries.
Smedema is one of 22 people being honored this year by the Carnegie Hero Fund Commission, which has recognized nearly 10,000 heroes - including 194 from Indiana - since its inception in 1904.