A co-ordinated effort was launched between Police, LandSAR, the Greenlea Rescue Helicopter and the Royal New Zealand Air Force.
A police search and rescue dog was also deployed from Rotorua.
The Royal New Zealand Air Force helicopter found the man while scanning the area and saw him waving his foil survival sheet.
Inspector Warwick Morehu said the hunter was found in good spirits.
"He was found hungry and thirsty but was checked over by a doctor and is otherwise safe and well.
"He's had a chat with his family and no doubt, he'll be looking forward to a good rest tonight.
"Surviving in these conditions is exhausting."
In a statement, police said they would like to thank LandSAR teams from Hawke's Bay, Hamilton, Rotorua, Taupo, Turangi and Taihape for joining the search, as well as the rescue helicopters.
"They are such a professional and dedicated group of people focused on achieving the best outcome.
"That is, bringing a loved one home to their whanau safe and well.
"The hunter went out alone into to a remote part of the Kaimanawa Ranges, while his companions hunted elsewhere.
"He had no satellite phone or Personal Locator Beacon on him, both of which are available for hire for a minimal daily charge."
"A Personal Locator Beacon is an essential piece of equipment when going out in the bush."
It will point rescuers directly to your position and assist with a speedy, safe rescue.
More than 30 LandSAR volunteers from across the central North Island assisted with the search and rescue.
Mr Morehu said there was a huge cost involved in these rescues and a great deal of worry for the family and friends of those missing.
"The cost of the Greenlea Rescue Helicopter on this occasion will be in the vicinity of $10,000, many of the rescuers require time off work, and police staff are pulled away from normal operating duties.
"I have today had a discussion with the Chairman of the East Taupo Lands Trust, who administers the Kaimanawa Ranges, in an attempt to look for options to avoid these types of major incidents in future.
"Like police, iwi entities are always concerned when incidents like this happen on Maori-owned land.
"Much worse than any financial cost is the worry the family and friends suffer when someone is lost.
The longer it takes to find their loved one, the more they suffer.
"These searches may occur in the mountains, on the great lake or up in the vast surrounding forests."
In so many of these cases, a major rescue operation and sleepless nights for the families involved was preventable had a few steps been followed.
"When venturing in to the great outdoors, we remind everyone to take the necessary life-saving equipment and to be prepared.
"A locator beacon or satellite phone can save a great deal of stress for all parties for the sake of a few dollars.
"
And it might just save your life."
Further advice for planning and preparing for any outdoor activity safely can be found at www.adventuresmart.org.nz.
