8.52PM: The Tauranga-based Trustpower TECT Rescue helicopter was called to assist in the search for the man missing in Lake McLaren, at about 6pm.
The man was swinging on a rope swing when the rope snapped and he fell in, helicopter staff said.
His friend jumped in to help and both men got into difficulties.
The rescue helicopter was called in to search the area in the hope of finding the second man but with no luck.
8PM: A group of six friends, all students from India living locally, gathered at the entrance to McLaren Falls Park after receiving a call informing them that two of their associates had gone missing.
They understand the body of one of their friends has been recovered but the other is still missing. Two other friends are helping police with the search.
"It's a terrible tragedy," one said.
The entrance to McLaren Falls is closed tonight, with two men overlooking the canal at the end of the lake.
A reporter at the scene said the lake level is being lowered to aid the search. It has already dropped by about a metre.
EARLIER: Police have recovered the body of a swimmer at McLaren Falls Park this evening, and are continuing to search for a second person.
Two men were seen going into the water around 5.20pm, then disappeared under water.
The incident started when one of the men fell from a rope swing into the water.
The other then went in after him to help him.
They both disappeared from view under water.
One of them has since been recovered. He is believed to have drowned.
The other person is still missing.
Police have a helicopter overhead and a boat in the water and are looking for the missing person.