The body of the 55-year-old man has been found at Maruia Falls by the police dive squad.
The man had been missing since he and a friend were sucked down a chute at the falls on Saturday.
The friend, also aged 55, was rescued and flown to Nelson Hospital, where he was in a stable condition today.
The falls, south of Murchison, were the scene of another rescue last week, TV3 reported.
A Belgian tourist was pulled out of the water by three kayakers.
He was taken to Nelson Hospital with head, neck and spinal injuries, and later transferred to Burwood Spinal Unit.