Police have confirmed the hikers have been found safe and well.
The pair were located by deer hunters shortly before 12pm on Saturday.
Benalla police, search and rescue units, air wing and SES staff had all been searching the area around the Whiskey Creek Trail for the men.
Two men aged 71, and 78, set off about 8.30am on Friday to take part in the recreational geocaching activity.
A family member raised the alarm when the Wangaratta men failed to return home at 3pm.
A search will resume at first light Saturday for two Wangaratta men missing near Tatong.
Victoria Police said the men, aged 71 and 78, set off about 8.30am Friday for a geocaching trip.
Geocaching is an outdoor recreational activity similar to a treasure hunt using map co-ordinates and a device with a Global Positioning System.
A family member raised the alarm when the two men failed to return home at 3pm.
Police have located the men’s car but are yet to find the pair.
They hold concerns for their welfare owing to their age and the inclement weather conditions.
Police and State Emergency Service crews will resume a full search Saturday morning.