The discovery was made in the Coire a Ghrunnda area on the Isle of Skye.
A man aged in his 60s had failed to return from that location on Tuesday and the alarm was raised at 9.42pm that evening.
For the last two days, police have co-ordinated a search.
Those involved today were Skye Mountain Rescue Team, RAF Mountain Rescue Team, SARDA team members, Highland and Islands Division Police Dog Section, RAF helicopter R137 and HM Coastguard helicopter R100.
A formal identification of the body is yet to take place and the process of contacting next of kin is under way, police have said.