Darren Myers, who is from the UK but lived in Wellington, had been hiking alone in the Tararua Ranges on the North Island.
He was last heard from on 30 May.
After he failed to return on 2 June, a massive search was launched by about 50 police officers, Land Search and Rescue personnel and the New Zealand Defence Force.
The body was found during an aerial search of the area on Wednesday morning local time, police said.
Search and rescue manager David Eaton said it appeared Mr Myers, 49, had died on the day he was last heard from.
At that point he was at Arete Bivvy, a backcountry hut in the centre of the ranges.
A massive search operation was launched in difficult terrain. Pic: New Zealand Police
Rescuers are being sent to retrieve his body but, due to the difficult terrain, this could take some time, police said.
According to stuff.co.nz, Mr Myers’ body was found at the bottom of a waterfall.
Some 50 people were involved in the search for Mr Myers. Pic: New Zealand Police
Mr Myers’ brother-in-law Duncan Styles told the news website: “We are so grateful that it appears he hasn’t suffered, that he hasn’t been waiting for days and days out there to be found.
“We’re incredibly grateful to all the teams that have been out there looking for him.”
Mr Styles, who is to join police at a media conference later, said the hiker was “really thorough” and enjoyed solo expeditions.
Mr Myers and his wife Kim Shaw relocated to New Zealand from Sawbridgeworth in Hertfordshire.
During the search, Ms Shaw had said she was “impressed and made to feel at ease” by the efforts of those involved in trying to find her husband.
