Search co-ordinator Sergeant Ian Martin, of Invercargill, said the body located near Teal Bay on Saturday was that of a 69-year-old woman. Her 65-year-old partner was still missing.
"We haven't formally identified them yet.''
Sgt Martin said the pair intended to spend a couple of days at one of the huts beside the lake and were in a small fibreglass boat.
Police were notified late Friday the boat and its two occupants were missing.
Eighteen people were involved in "an extensive search on the lake and adjoining Wairaurahiri River'' during the weekend.
A body was found on the first day and the police recovered debris on Sunday.
Sgt Martin said as the river levels were very high, the crew decided to put the search operation on hold.
He said a decision would be made today on whether the search operation would change to one of recovery.
Maritime NZ would also be conducting an investigation as the cause of the incident was still unknown.
"My understanding is, inshore the sea was relatively calm on the day of the accident. I don't know how it was in the middle of the lake. The maritime investigation will determine exactly what happened.''
Wairaurahiri Jet operator Johan Groters was involved in the search with the police over the past two days.
He believed the vessel was "too small'' for the lake, which at 462m deep is the deepest in the country.
Mr Groters said the weather in the area could be very changeable.
"People really need to be well prepared to go there and I don't think their boat was suitable for the lake.''
