What is the source of data?
A data source can have a projection but not be projected properly.
One of my early tasks was converting from AutoCAD to ArcGIS. The entire drawing was to scale but appeared on the equator.
You may have to geo-reference your feature that is out of limits.
However before you do that. Start a new session. Add one of the features. The add ESRI base map to the session and determine if the feature is in the correct location.
Then do the same with the other.
If one of them does not appear where it should it is the one that needs to be referenced.
IF both of them individually appear where they should be then you have a bigger problem.
I think it is a define projection problem. you said they are same coordinate system , but that is in properties only.
one of them was should to define to its correct coordinate systems then Project to be same the projection of the other one.
Robert Borchert and Abdullah Anter are on the right track.
You can also post the extents, current coordinate system, plus where the correct one is--city, county, administrative district, latitude-longitude. That may help someone here figure out what's going on with the layer that has an incorrect coordinate system.
Retrieving data ...