Tasmania Police has confirmed the missing Victorian man has been found safe and well.
He was found by the Westpac rescue helicopter about 10am on Tuesday, near Talinah Lagoon, west of Laka Ada.
Police said the man because disorinetated and lost after walking ahead of his friends on Monday afternoon.
He continued to walk until 11pm, before sheltering in a cave overnight. He began walking again at first light on Tuesday, and after sometime, caught the attention of the helicopter.
A Victorian man fishing with friends in the Central Highlands has gone missing.
The man was last seen fishing at Sandy Lake after walking ahead of his group who had planned to fish at Lake Tin Hut.
Police said he was yelling out and chatting to his friends throughout the morning, but they heard nothing in the afternoon.
When the group returned to their car later in the day, he was not there.
Tasmania Police and the Westpac rescue helicopter are continuing to search for the 21-year-old, who has been described as being in good health, wearing waders and carrying a torch and food.
Police said he was only wearing two layers of clothing though.
A forward command post has been established at Thousand Lakes Lodge.