The man's body was found in waters off Eastern Beach in Geelong yesterday evening following an extensive search for the 29-year-old Epping man.
Emergency services began searching for the man after they were called to reports of a missing swimmer at the beach off Ritchie Boulevard about 4.35am.
A post-mortem will be conducted to determine the cause of death.
Police will prepare a report for the Coroner.
Victoria recorded its worst drowning toll in 20 years in the year to June 30.