While there are several excellent answers already, I can't help but throw another answer into the ring in order to emphasize different aspects of the same situation:
There is a gravitational attractive force between the earth and the falling body. This is one "action/reaction" pair: The earth gravitationally attracts the body and the body gravitationally attracts the earth.
At an atomic scale, the electrostatic repulsion of the air molecules and the molecules in the falling body repel each other. This is the second "action/reaction" pair: The air molecules repel the body molecules and the body molecules repel the air molecules.
Incidentally, there is also a gravitational attraction between the air molecules and the body. But that is insignificantly small. Plus, the air molecules above the body will gravitationally attract in the opposite direction than the air molecules below the body. So this effect can be ignored.
Now, we know bodies do fall in air. So we know the gravitational attraction between the earth and body overwhelms the electrostatic repulsion between the air and the body. That's almost all there is to it. Except:
Why does the gravitational attraction overwhelm the electrostatic repulsion? That's hard to say since I'm sure there are a lot of complexities involved in the fluid flow of the air. It's probably not just that the gravitationally attractive force between the earth and the body is stronger than the electrostatic repulsion between the body molecules and the air molecules. There is also the effect of the fluid air molecules being able to flow around the falling body. They get pushed out of the way, so they can't counteract the gravitational attraction as effectively.
You can compare this to the stereotypical situation of a book laying on a table. It's mostly the same situation: The earth and the book attract each other gravitationally. And the atoms in the book and the atoms in the table repel each other electrostatically (the so-called "Normal" force). But in this case, the table isn't a fluid. It's atoms don't move out of the way as easily as the atoms of the air. So the normal force counteracts the gravitational force and the book doesn't fall.
Finally, an intermediate situation: A boat floating in a lake. Same situation: The boat and the earth gravitationally attract each other (one action/reaction pair). And the atoms in the boat and the atoms in the water electrostatically repel each other (the 2nd action/reaction pair). The boat does "fall" through the water, but only until it displace enough water to match its own weight. At that point the upward force of the electrostatic repulsion matches the downward force of the gravitational attraction and the boat floats.
I've left another answer about why the "pairs of forces" interpretation of Newton's 3rd law leads to confusion. If you think of Netwon's 3rd law as "Single forces must always operate between pairs of bodies" (as done above) I feel like doing that makes these situations easier to analyze.
Or, at the very least, remember that action/reaction pairs must always be the same type of force. From the body's point of view, the electrostatic repulsion of the air is not the reaction force to the gravitational attraction of the earth because they are different types of forces.