Some of the migrants were treated for dehydration, including about a dozen airlifted from by the U.S. Coast Guard.
U.S. Coast Guard Chief Petty Officer Ryan Doss called the capsizing an "avoidable tragedy," that has become common in this area.
"Unfortunately we see these types of tragedies occur on a monthly basis," said Doss, a Coast Guard spokesman. "Every year we see hundreds of migrants needlessly lose their lives at sea taking part in these dangerous and illegal voyages."
The boat struck ground off Harvey Cay, just weat of Staniel Cay, which is about 80 miles (125 kilometers) southeast of New Providence, the island that includes the capital of Nassau.
The boat, in addition to being overloaded, likely encountered rough water, Deleveaux said.
Migrants have long passed through the Bahamian archipelago in overloaded vessels, generally either seeking to settle in the Bahamas or reach the nearby United States.