At first light this morning, ground teams and helicopters were used to carry out a search of the mountain.
After a short search the man was located deceased in the Mount Ruapehu Crater Lake.
Initial indications are that he accidentally fell into the lake.
His family had joined the search earlier today and have been advised of his death by police.
Senior Sergeant Grant Alabaste said it was "an absolute tragedy" for the man's family.
"He was located at an area where many people go to get views of the lake."
Alabaste added that he was thankful they 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.