The man was out hunting with another Swede in Nelson Lakes National Park, on the north coast of the southern island, when the two lost track of each other on Saturday.
The 25-year-old’s friend alerted authorities, who launched a search operation throughout the massive park.
Search and rescue teams used dogs and helicopters to search over a vast area of the park marked by difficult terrain.
Early Monday morning Swedish time, the man’s body was located at the base of a waterfall near the mouth of Lake Rotoiti, the Aftonbladet newspaper reports.
Authorities believe the Swede slipped and fell to his death.
“He must have slipped are fallen over a cliff about 25 metres down into a stream,” rescue team leader Russell Tucker told the newspaper.
The Swedish foreign ministry has notified the 25-year-old’s relatives about the accident.