Jordan Yap last made contact with friends and family on September 14 ahead of a planned 10-day solo trek along Peru's Huayhuash mountain range, 400km north-east of Lima.
The 30year-old Melbourne man was last seen near the beginning of his trek across the Cordillera Huayhuash circuit, which is regarded as a challenging, high-altitude trek through the remote Andes mountains.
Mr Yap's loved ones issued a statement on social media confirming that after extensive searching, he had been found dead.
"We want to thank everyone who has helped; friends and family, the contributors, the search teams, the police, the many groups we engaged with who gave their time and effort, everyone who helped to share on social media. We are appreciative of all of you," the statement read.
"Please remember Jordan as the vibrant man he was, and for the immense joy he brought to so many people's lives."
The ABC reported that Mr Yap's friends and family were notified by local authorities that his body had been found in the Mitucocha Lagoon area.
Mitucocha Lagoon is a high-altitude lake in Central Peru, about 200km north of Lima.
Those close to Mr Yap held out hope for weeks that he would be found alive.
"I know Jordan likes to orienteer and navigate and he's quite an adventurer himself, so I wouldn't be surprised if he tried an alternative route," his long-time friend Kevin Nguyen told AAP last month.
Mr Yap had been planning the trek for more than a year and had recently bought a GPS watch to allow for offline maps to guide him on the hike.
"He was telling everyone about how he was ready to go on a big hike like this, (he was) really excited," Mr Nguyen said.
The Department of Foreign Affairs and Trade said officials were assisting the family of an Australian who died in Peru.
"We send our deepest condolences to the family at this difficult time," a spokesperson said.Â
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