Martin Peter Suttie (37) had been fishing near the shore, near Glenorchy, and was reported missing about 3.20pm on Sunday.
A team of 10 dive specialists from the HMNZS Matataua had arrived in Queenstown last night to assist with the search.
A navy spokesperson said they would use remote operated and autonomous underwater vehicles tomorrow.
They are working with the Police National Dive Squad, which has been in the resort town since Monday.