The man, wanted for allegedly assaulting the female bar manager of the nearby Railway Hotel, had been tracked to the Greymouth floodwall by a police dog.
When the dog's handler called for him to surrender the man dived into the river yelling, "if you want me, come and get me".
He was quickly whisked downstream by the current and was heard by bystanders to yell, "I don't think I'm going to make it," before disappearing from view.
Rescue helicopter pilot Angus Taylor said they were summoned about 1.45am and flew up and down the river for some time but the powerful searchlights on the helicopter failed to locate the man, who was later found, cold and wet, by the police dog and handler.
He was arrested and charged with assault and escaping from police, but Mr Frost said further charges were pending.
The man's companion, a 24-year-old Cobden woman, was also charged with assaulting the bar manager, and disorderly behaviour.
- Greymouth Star