The most common and most likely answer to this crossword clue is the 5 letter word DIVER
I've seen this crossword clue in The Daily Telegraph
D
I
V
E
R
More clues leading to the result DIVER
- Competitor in pool runs down in motor
- Reviled footballer may be Olympic medallist
- I have been taken in by Doctor Daley, perhaps
- Going down, he may be saved by the bell
- Cleric I had written about, footballing cheat
- Vicar’s a kind of card — turning up as loon?
- I’m going under? I have to have doctor around!
- Grebe maybe wanting day on water, heading off
Buddy explains!

The straight part
We know that "I’m going under" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case i’m going under = diver.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does DIVER mean?
DIVER noun- Someone who dives, especially as a sport.
- Someone who works underwater; a frogman.
- The loon (bird).
- The New Zealand sand diver.
- The long-finned sand diver.
- A passenger carrying vehicle using an underground route; specially, a diver tram, one using the former Kingsway tramway subway (1906-1952).
- A pickpocket.
- A competitor in certain sports who is known to regularly imitate being fouled, with the purpose of getting his/her opponent penalised.