Const. Dal Hutchinson with the Cumberland County RCMP said the man was located around 3:30 p.m. on Saturday on the shores of Minas Basin in Parrsboro, N.S.
Earlier Saturday, the body of another man was found by family members in the same area, said Hutchinson.
The fishermen were reported missing after setting out on two ATVs at about 5 p.m. on Friday to check on lobster crates they had stored on the shore of the basin.
By 1 a.m. Saturday, the two had not returned home and family members grew concerned, said Hutchinson.
Search and rescue teams from nearby Springhill and Pugwash, Parrsboro fire officials and a helicopter all pitched in to help locate the second man.
"When the tide finally went out ... we were able to locate both ATVs and the body," said Hutchinson from the scene.
Hutchinson said the names and ages of the victims should be released Sunday, and the bodies will be transported to Halifax for an autopsy.
He could not say how the men died, but noted that the Parrsboro area experiences the highest tides in the world and it was cold and icy Friday evening and overnight.
The tides can rise quickly and by as much as 12 metres, he said.
Hutchinson said fishermen sometimes store lobster in crates in areas just past the shoreline where they can remain alive, and the two men were likely checking up on their catch while the tide was out.