A search had been underway for hunter Murray Horsfield, who was last heard from on February 12, while hunting in the Dart River catchment, police said.
The area includes steep and challenging terrain.
Searchers, including the missing man’s family and friends, police and LandSAR volunteers, had been scouring the area looking for him for six days.
They were supported by the Department of Conservation and Horsfield’s Australian Army colleagues.
The body was found above the Dart River, north of Glenorchy, on Sunday, a police statement said. Formal identification is yet to take place but it was believed to be Horsfield.
“Police would like to thank everyone who has taken part in the search and who has provided information to the enquiry team. Police extend their deepest sympathies to Mr Horsfield’s family, and ask that their privacy be respected at this difficult time.”