Three family members clung to a chilly bin when their dinghy sank in Lake Taupo, before two of them drowned.
The bodies of 44-year-old Stephen Pervan and his 28-year-old son Ben Pervan were found floating at the southern end of the lake this morning.
The search for the two men began when another of Stephen Pervan's sons, who survived the sinking, was found by a boatie lying on the lakeshore at 9am.
He has told police his fishing trip with his father and brother began at 7.30pm last night, when they left from the Tokaanu end of the lake in a dinghy.
The man says they fished in an area known as the Tongariro Delta, before heading back to shore at around midnight.