Police said the body of the 35-year-old man was found roughly 30 metres from the shore near Gardiner Dam on Monday afternoon.
Friends have identified him as Mazen Cruz.
Cruz went missing on Aug. 20 when he jumped into the lake to rescue Victoria Daniels.
Daniels told Global News she was pulled under by the strong current when she went in for a swim while heading to shore in a motorized dingy.
Cruz promptly jumped into the water after her but he, too, was carried away by the current.
“I kept getting dragged underneath the water and then Mazen jumped in to rescue me,” Daniels said.
“He didn’t even reach me, the waves were pushing him farther away.”
Daniels’s seven-year-old daughter was able to steer the dingy to her mom and helped pull her aboard.
Police said the death is not considered suspicious and an autopsy will be carried out later in the week.
— With files from Brenden Purdy