Police were called to a residence at about 7:30 a.m. where they found a woman in urgent need of medical attention.
The woman was transported to the Rankin Inlet Health Centre where she was pronounced dead a short while later.
An RCMP forensic team from Iqaluit's V Division arrived in Rankin Friday afternoon to help in the investigation.
Police are not releasing any names in connection to the matter, although foul play is suspected in the woman's death.