The Atlantic Harvester 1, now lying under 50 metres of water, sunk Saturday night roughly five kilometres north of Campbell River in Johnstone Strait.
One man was rescued by the crew of an Alaskan ferry, but strong tidal currents prevented search efforts to find two other men who were on board.
Campbell River RCMP Const. Stephen Wells, speaking for the dive team, said that a remotely-piloted submarine located the wreck Sunday, and one body has been found.
"They were able to get down to the wreck and have a look around and were able to see one victim... in the stern, at the bottom at an approximate depth of 150 feet," he said.
Police have now had to cancel three attempts to have divers reach the wreck because of unsafe conditions. Cpl. Poppy Hallam said the situation is frustrating, but officers aren't giving up.
"Obviously, this is a tragedy... and we do have an investigation to do, but it is important for the family. This is important— to find them," she said.