Alexander John Smolenski, (70), of Alexandra, had been missing since Saturday morning, after falling in the water while training near Clyde.
Sergeant Ian Kerrisk, of Alexandra said the national police dive team had located Mr Smolenski at about 2.30pm, 200m off shore, not far from where the man's rowing skiff had overturned.
Mr Smolenski was a long term member of the Dunstan Arm Rowing Club and had lived in Alexandra for many years. Police say he had 60 years' experience as a rower.
Police divers arrived at the site late yesterday.
"The reality is that we're looking at a recovery, not a rescue," Sergeant Ian Kerrisk, of Alexandra, said earlier today.
"The search is being carried out in deep water and the deeper it is, the more issues we have with visibility."
Clyde Coastguard and Clyde Fire Brigade fire rescue volunteers completed another search of the shoreline and lake this morning.
Mr Smolenski had been training on the lake in calm conditions yesterday morning and other rowers had come across his overturned single rowing skiff about 200m from the shore, at Weatherall Creek near the rowing club headquarters.
Extensive searches of the shoreline and lake were carried out using the Clyde Coastguard and Clyde Fire Brigade fire rescue boats and a helicopter team from Queenstown with trained air observers on board.
The lake was closed from Dairy Creek to the Clyde Dam to allow the search to continue without any interference.
Boat jetties and beaches were closed to the public and police were grateful for the co-operation of boaties and other recreational users of the lake, Sgt Kerrisk said.
