Rahul Prasad, a final year B Tech student from Kerala, was found hanging from a ceiling fan, they said.
The incident comes barely a month after the suicide of IIT-M M.Tech student Nagendra Kumar Reddy in the hostel on September 21.
"He (Prasad) was found hanging in his room in Ganga hostel in a nylon rope tied to the fan. Today he had an exam but he did not turn up and hence his friends came to his room to check and found him hanging," a police official told PTI.
Prasad hailed from Kollam in Kerala and he was last seen by his friends by around 9 pm yesterday.
The student's family members have been informed and they were on their way here, he said.
"No suicide note was found... A case has been registered and further probe is on. As of now, we do not know the reason for the suicide," he said adding the body had no injuries.