If I am understanding your question correctly, there is a water body somewhere within your existing land polygons that you want to have as a separate polygon of its own. Are you wanting the new water body polygon to be within the same dataset of the land polygons, or to be its own polygon?
There are a few ways you could do this:
If you want the water body polygon within the land polygon dataset, within the Edit tab, click on Modify Features. Use the Edit Vertices tool in the toolbar to move your land polygon vertices into the proper places away from the body of water. Then click on Create Features, and digitize a new polygon for that body of water within the same dataset. Make sure your auto-snapping is turned on so it lines up perfectly with the land polygons. Perhaps edit the attributes in the Create features panel to tell yourself that it is the water polygon.
To have the water polygon as a separate dataset, use the Create Feature Class tool to create a shell feature class for the data. Then in the Edit tab, click on Create features and digitize a new polygon for your water body. You could then clip the land polygon dataset with the water polygon dataset to remove the overlapping pieces (land polygons as input features) If you do this but then want these two separate datasets combined, you could use a tool like Union.
Here is a video for digitizing features: https://www.youtube.com/watch?v=2wXtSGheBNE