Emergency services, including volunteers in a search and rescue helicopter, scoured water off Table Top Reserve on Thursday.

The 24-year-old Bhutanese national, Amit Rai, was last seen in the water in darkness about 10pm on Wednesday.

He was with two people – either friends, family members, or both – when he went missing. 

The pair raised the alarm. 

Friends and family remained on the scene on Thursday and identified Mr Rai's body after it was discovered by police divers off the reserve about 1.10pm. 

Detective Inspector Winston Woodward said police had been holding out hope of a good outcome. 

People have previously been found alive after going missing on the lake. 

Emergency workers had searched the area late into Wednesday before resuming the following day. 

Mr Rai was a Bhutanese national who lived in Adelaide and was visiting his brother, who resides in Albury. 

“I believe after talking to family members he may not have been the best swimmer,” Detective Inspector Woodward. 

“At this stage I can’t comment if any alcohol was involved. 

“That will be a matter for later on down the track.”

The police divers had been brought down from Sydney for the search and made the discovery. 

Nearby resident Kent Osmotherly noticed emergency service workers at the reserve on Wednesday night. 

"A lot of people go down there,” he said. 

“You might see the odd migrant family with five to seven people down there.”

Mr Osmotherly said it was rare to see people drinking at the site, which is off Table Top Road. 

Detective Inspector Woodward urged people to take care around water on Australia Day, especially when they had been drinking. 

“In Albury, there are a lot of people going down to Noreuil Park and down on the river,” he said. 

“If you do go down into the water, people make sure you look out for family and friends, because high consumption of alcohol and water don't mix,” he said. 

“In one minute you can be having a good time and the next minute it can turn to tragedy with no notice.”

Police will continue to investigate Mr Rai's death and will prepare a report for the coroner.