The cyclist left Lake Ohau Lodge about 3:45pm yesterday, planning to ride to the Historic Woolshed on Quailburn Road, Quailburn.
When he failed to arrive at the Woolshed, Omarama police were advised and a small search and rescue operation was initiated.
Southern District Deployment Co-ordinator Acting Senior Sergeant Ben Butterfield said the cyclist was found about 2m down a small bank, 1.5km from the Lake Ohau Lodge end of the track, about 10.15pm yesterday.
He was confirmed dead by SAR staff who walked into the remote incident scene.
Police are satisfied there are no suspicious circumstances.
The death has been reported to the coroner.
SAR staff remained with the cyclist's body overnight and his body was retreived today.
Police are advising the cyclist's next-of-kin.