Search and rescue teams have found the body of a 65-year-old Wanaka man in the Makarora River at the head of Lake Wanaka.
The missing man was Murray Austin Rivers.
Police said Mr Rivers and two companions were in a jet-boat which got into trouble after suffering engine failure on the Makarora River last night.
The boat hit a gravel bar and capsized and Mr Rivers' companions were thrown into the water.
When they got to the river bank there was no sign of the boat or Mr Rivers. The pair then made their way across farmland to raise the alarm in Makarora township about 8.30pm.