The Pitkin County Sheriff's Office said on Twitter the avalanche was reported in the area of Markley Hut near Ashcroft Mountain.
"The slide caught one individual & has claimed the life of that individual," the sheriff's office said.
Crews recovered the body of the man who was believed to be in his 50s, the Aspen Times reported. The man's name was not released.
The Colorado Avalanche Information Center had warned of "dangerous" avalanche conditions in the region ahead of the holiday weekend and issued an advisory through Monday.
"Avalanche conditions are dangerous," the group said in a report. "Backcountry travelers can easily trigger very large and deadly avalanches. Avalanches may break across terrain features and run long distances."
"Backcountry travel this weekend will require conservative decision making, cautious route finding, and careful snowpack and terrain evaluation," the group added on Twitter.
The avalanche in Colorado came two days after a Utah skier was killed in another incident in New Mexico.
Snow is expected to begin in mountain areas on Monday afternoon before reaching the Denver metro area, Fox 31 reported.
Fox News’ Mike Arroyo contributed to this report.