Taupo Police Area Commander Inspector Steve Bullock said police are urgently seeking any sightings of the two men and their boat on the lake in an effort to narrow the search area.
"The lake is a 25 kilometre long piece of water, and apart from knowing where the two men set off, we have no other information about where they had planned to go.
"We would like to hear from anyone who may have been on the lake on Sunday or Monday, or any local farmers around the lake who may have seen the pair. This will help us narrow down our search in what is a very large area.
"From our searches this morning, we are confident that the boat is not lodged anywhere near the shore.''
Inspector Bullock says the men arrived in two cars which are parked with a boat trailer at Jones Landing.
He says the boat is white with a blue stripe. It is three metres long and has a 15 horsepower Yamaha motor.
The dog that was with them is a black, white and tan Beardie Cross. He says it is not known whether the pair were wearing life jackets.
"If anyone saw these two men on the lake on Sunday or Monday, please call Putaruru Police on 07 883 8199.''
Police are still working to notify next of kin so the names of the two men will not be released until tomorrow.