A formal karakia has been conducted by local Rotomā hapū Ngāti Tamateatutahi – Ngāti Kawiti and the rāhui will be lifted on October 29.
Police responded to a report of the crash at around 3.10pm Tuesday, a police spokesperson said.
"A car had left the road near the intersection of State Highway 30 and Matahi Rd, and was in the lake.
"One person was retrieved from the car and resuscitation attempts were made. Sadly, the person died at the scene."
A spokeswoman from New Zealand Fire and Emergency said crews responded to a motor vehicle incident at 3.24pm.
"Fire and Emergency crews responded to a motor vehicle incident in Lake Rotoma, Rotorua," the spokeswoman said.
"Two fire trucks, one from Rotorua and one from Kawerau, attended and one has since departed."
The Serious Crash Unit has been notified and inquiries into the circumstances of the crash are ongoing.