Police say the man's body was found by a police dive team shortly before 5 p.m. Friday.
The body was taken to a medical facility in Port Saunders, although police say no autopsy is planned.
Police say three officers were riding snowmobiles on ice south of Hawke's Bay when the accident happened.
Two of the officers managed to crawl to safety, but were unable to locate the third officer.
Justice Minister Darin King offered his condolences to the family, saying he was deeply saddened to hear of the death.
"He was one of our longest serving officers with the fish and wildlife division on the Northern Peninsula," he said. "He will be dearly missed."