For a submerged object, buoyant force ($F_b$) is defined as:
$$F_b = V_{\text{submerged}} \times \rho \text{ (density)} \times g \text{ (gravitational constant)}$$
Conceptually, the buoyant force equation says that buoyant force exerted is equal to the weight of the volume of water a given object displaced. Why? I went online to http://faculty.wwu.edu/vawter/PhysicsNet/Topics/Pressure/BouyantForce.html
and found the following explanation, but it seems like non-sequitur to me:
Explanation: When an object is removed, the volume that the object occupied will fill with fluid. This volume of fluid must be supported by the pressure of the surrounding liquid since a fluid can not support itself. When no object is present, the net upward force on this volume of fluid must equal to its weight, i.e. the weight of the fluid displaced. When the object is present, this same upward force will act on the object.