Police had been looking for one person after a boat went missing with two people aboard on Lake Hauroko on May 31.
A woman's body was found the next day and the search for the missing man was delayed several times due to bad weather conditions on the lake.
Six members from the Police National Dive Squad and four members from the Invercargill Search and Rescue team took part in the search operation last week but while the search divers covered a large area of the lake, it was made difficult by the lake's depth and the team could not explore further.
Several items had been found during the searches, including clothing and cooking utensils believed to belong to the pair involved, as well as debris.
Search co-ordinator Sergeant Ian Martin, of Invercargill, had previously said the pair, who were in their 60s, had headed out on a camping trip on May 26.
The boat was reported missing five days later and their names were not written in the Caroline Hut visitors book where they were expected to visit.
The pair have been named in various media as Michael Goodson and Rosemary Spiewak, of Christchurch.
Police said today the search had been suspended, but they would continue to assess any new information that came to light and would act accordingly.