Following Archimedes' principle, when a body is submerged in a fluid it displaces an amount of water equivalent to the submerged volume.
What does this mean for buoyancy? Imagine the following situations:

Our object is being pulled downwards by the force due to gravity, given by $$F_g=mg$$
However, as it displaces water, water "pushes back" due to Newton's law.
Why do things accelerate then, if there is an equal and opposite force in play? Here is where Archimedes' principle comes in.
Assuming two objects of the same volume, a more dense object will experience a greater force due to gravity, and will thus require a greater reaction force in order to be neutralized.
In the first instant that the body is in contact with the water, it will begin to sink, as the $F_g$ is greater than the reaction force by the water. However, as it sinks more and more, there is a larger Volume of water displaced by it, and the reaction force increases. Once enough volume has been displaced, the reaction force will equal $F_g$ and the object will stay in equilibrium. This could happen when the object has not sunk entirely, like in situation (a), or when it has sunk entirely, like in situation (b). It is also possible that the object is too heavy, and it cannot displace enough water due to its relatively small volume, and thus it sinks to the bottom.
This is how ships float! Ships are incredibly heavy, but they are designed to displace large enough amounts of water that balance out exactly the ships weight, and thus it can stay in equilibrium, afloat.
Concluding, there is only 0 acceleration on the object if it is in equilibrium, which happens if the $F_g$ is equal to the force exerted by the water. In fact, you can calculate exactly how much an object will sink:
$$F_g= F_{water}$$
$$m_{object}g= m_{water displaced}g$$
but using that $\rho = \frac{m}{V}$
$$\rho _{object}V_{object}=\rho_ {water}V_{displaced}$$
$$V_{displaced}=\frac{\rho _{object}V_{object}}{\rho_ {water}}$$
Analyzing this, we can see that an object can be at equilibrium, as in (a) if it less dense than water. Thus, the volume displaced will be less than the volume of the object. If the densities are equal, then it can stay in equilibrium as in situation (b). If it is more dense, then it cannot displace enough water and it will sink.
I hope this answers your question