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Police were called to the partially submerged vehicle off Shoreline Rd and Frankton Beach just after 3pm.
A police media spokeswoman said officers found a "distressed" woman by the car, who was arranging for a friend to collect her and tow the car.
It was being treated as a traffic incident and there were no concerns for welfare or any people missing.
By 3.40pm, the car had been removed from the lake and towed away.
No arrests were made.
Earlier, on Tuesday, the only route between Queenstown and Glenorchy was closed when a car flipped along Esplanade Road.