On January 13, 2022, about 1326 eastern standard time, a Cirrus SR-22, N879CD, was substantially damaged when it was involved in an accident near Lexington, South Carolina. The pilot and passenger were not injured. The airplane was operated as a Title 14 Code of Federal Regulations Part 91 personal flight. According to the pilot, a preflight inspection of the airplane was conducted with no anomalies noted. He stated, “I checked the oil quantity and added one quart of oil.” The pilot conducted a run-up and departed for Charleston Air Force Base/International Airport (CHS), Charleston, South Carolina, on a visual flight rules (VFR) flight plan about 1300. About 20 minutes into the flight, at 5,500 ft, the pilot reported seeing a red oil annunciator light illuminate, which was followed by the oil pressure gauge falling to zero pressure. The pilot stated that the engine tachometer was near red line and that the engine sounded like it was over speeding, so he reduced the throttle to slow the engine. Soon thereafter, the engine stopped producing power and smoke emanated from the engine compartment. He radioed air traffic control and reported an emergency, then started looking for a place to land. He was over the middle of a large lake (Lake Murray), so he held off deploying the Cirrus Airframe Parachute System (CAPS) until he was closer to the shoreline. At 2,000 ft he deployed the CAPS and the airplane slowly descended to the water. The airplane remained afloat for a few minutes and continued to drift toward the shoreline with the parachute still inflated; however, the airplane eventually started to float further from the shore. At that point, the pilot and passenger exited the airplane and swam to the shoreline. Examination of the airplane by a Federal Aviation Administration inspector after its recovery from the lake revealed substantial damage to the fuselage and left elevator. Additionally, the engine exhibited a hole on the top of the case near the No. 6 cylinder. Postaccident examination of the engine revealed that all crankshaft connecting rod journals showed evidence of lubrication distress. Additionally, the No. 3 main journal bearing had shifted, resulting in the blockage of the oil ports and elongation of the crankcase lock slot. The No. 6 connecting rod bearing was fused to the crankshaft journal. The No. 1 cylinder rod bearings were fused together on the crankshaft, and the bearing surface was smeared and torn. The bearing metal had melted and re-solidified along the edges. Review of maintenance logbook records revealed that on December 4, 2015, the No. 2 cylinder was removed, repaired, and reinstalled at tachometer time 1,906.9 hours. The accident occurred at tachometer time 2,420 hrs. The engine had a manufacturer specified time between overhaul of 2,000 hours in service; however, there was no record of the engine having been overhauled.