A NZDF spokesperson said the men were found about 300km southwest of Betio Island and appeared to be in good spirits.
The men were last seen leaving on a five-metre boat at 6am on October 14, from Betio Island, the largest township of Kiribati's capital city, South Tarawa.
The men, who had been due home on Saturday afternoon, had no emergency equipment or supplies.
The Orion, which was tasked to conduct a fisheries patrol north of NZ, was reassigned on Tuesday to search for the fishermen following a request from the Rescue Coordination Centre New Zealand (RCCNZ).
Webb said the search area had been expanded to 48,000 square kilometres in consultation with RCCNZ, from 30,000 the square kilometres searched on Tuesday.
It is NZDF's second successful search and rescue operation in two weeks.
The NZDF flew 234 hours on 19 search and rescue missions in NZ and the Pacific in 2016, up 59 per cent from the 147 flying hours recorded the previous year.
Since January this year, it has flown 70 hours on six search and rescue missions.