Stephen Thomson, 21, of Canal Flats and Nicholas Hoefnagels, 19, of Carstairs, Alberta, were last seen leaving a campsite at Whitetail Lake on June 8.
Their truck was pulled out of the fast-flowing Findlay Creek near the falls on June 24, but the men were not inside it.
Now, police have recovered one body in the Findlay Creek area that they believe is one of the two presumed drowned missing men.
The body, which was located by a police dog, was been turned over the BC Coroners Service for identification and it is now confirmed that it is Stephen Thomson.
After the two men were reported missing on June 9, a search of the area identified a spot where a vehicle went off the road and into Findlay Creek.
Since then police and Search and Rescue teams have been searching the area as conditions permit.
High water levels hampered search efforts but a Police Dog Team located the body in a heavily wooded area approximately 10 kilometres downstream on July 4.
The water had risen considerably since the disappearance; the water receded and the body was located on the shore line in amongst logs and other debris.
Search efforts using a police dog and RCMP helicopter are currently being conducted.
Findlay Creek flows into the Kootenay River south of Canal Flats and police are asking recreational users of the rivers to contact police if they see anything.