The body of Martin Buckland, 33, was found on Tuesday morning in the area of an avalanche on the slopes of Mount Bogong.
He was found a day after his friend, 32-year-old Daniel Kerr, was discovered buried under four metres of snow.
A Victoria Police spokeswoman said Mr Buckland was also caught in the avalanche and was discovered "quite close" to where Mr Kerr's body was located.
The friends failed to return from their snowboarding trip on Saturday.
Police believed the pair, who were experienced and well prepared for the trip, may have found themselves caught in the avalanche.
The men's families released a statement on Sunday evening saying the pair had been great friends since they met in year seven, both worked in sports and recreational professions and "live and breath the outdoors having been on many adventures such as this in the past".
"Our families want to stress how experienced and prepared Martie and Daniel were for this trip, keenly aware of both the risks and the unpredictable nature the outdoors offer," the statement said.
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