A police spokesperson said divers recovered the man’s body at about 3pm yesterday.
Emergency services were first called to Lake Wakatipu at Glenorchy about 2.55pm Friday, January 13.
The man had entered the water to assist another person, believed to be his son, but failed to exit the water himself.
A police officer at the scene on Friday told the Otago Daily Times the missing man was a father.
A Glenorchy resident told the ODT she understood a father and son got into trouble in the water.
A St John spokeswoman said an ambulance, a first response unit and a helicopter were sent to the scene on Friday.
One patient with minor injuries was taken to Lakes District Hospital by road.
A second helicopter was stood down before it arrived at the scene, the spokeswoman said.
The initial search involved six boats, including some from Dart River Adventures, on the water searching while a helicopter was on a sandbank near the wharf.
A fisherman who was at Greenstone when the incident was reported had also taken part in the search.
He was "gobsmacked that anything could happen here," the fisherman said.
The water near where emergency services were called to was basically waist deep, although there was a drop-off which could catch people out, the fisherman said.
Police have thanked all those that took part in search efforts and provided assistance to whānau as the incident unfolded.
The man's death will be referred to the coroner.
