Skydiver missing in Lake Wakatipu was a 27-year old visitor from California

The skydiver missing since falling into Lake Wakatipu on Wednesday has been named as a 27-year-old man from California.

He was Tyler Nii, who was on holiday in New Zealand, police said tonight.

He is presumed drowned after he and his tandem skydiving instructor crashed into a 250-metre deep section of the lake near Jack's Point on Wednesday afternoon.

Police say they are providing support to Mr Nii's family and join with the wider Queenstown community in extending their sympathies to them for their tragic loss. 

Police divers are set to arrive in Queenstown this weekend as the search for his body continues.

Inspector Olaf Jensen said police are scoping the viability of sonar devices to recover a skydiver who plunged into Lake Wakatipu at high speed. Source: 1 NEWS

The instructor was rescued and was released from hospital on Wednesday night.

The company concerned, Queenstown-based NZONE Skydive, has suspended skydiving operations at the site and launched an internal review to assess its protocols,.

The Transport Accident Investigation Commission has also begun a probe into the incident.

It earlier said the circumstances, as reported, indicated a possible parachute malfunction.

The instructor who survived the January 10 incident has been released from hospital. Source: 1 NEWS