A second body recovered from Lake Tarawera, near Rotorua, is believed to be that of a six-year-old girl who has been missing since the kayak she was on capsized.
The body of a man believed to be her father was found earlier on Sunday afternoon.
Police say both were taken ashore by Coastguard boat and transported to Rotorua Hospital.
The search has been stood down.
Police say they will release the names of the victims once formal identifications have been carried out and they are certain all next of kin have been informed.
The pair disappeared into the water while kayaking on Sunday morning.
The Baytrust Rescue Helicopter was called to the lake at 11.15am and found the man's wife, and the mother of the girl, had been pulled ashore.
It's still not clear what happened, but the kayak was seen upturned on the water.
The pair disappeared into the water and didn't resurface.
The police understand the child was wearing an adult life-jacket, which has been recovered, and they believe her father wasn't wearing one.
A paddle, lifejacket and kayak were earlier retrieved from the lake.
The family, from Auckland, were holidaying in the area.