After a short search the skier was located dead in the Mt Ruapehu Crater Lake.
A police spokesperson said initial indications were the man accidentally fell into the lake.
"It is an absolute tragedy for this man's family. He was located at an area where many people go to get views of the lake," Senior Sergeant Grant Alabaster said.
Sergeant Alabaster said family had joined the search earlier today and have been advised of his death.
"We are thankful we were able to locate him in a relatively short period of time to enable us to get him back to his family."
The matter has been referred to the Coroner.