The message was discovered last week by a helicopter pilot passing overhead.
It caused a flurry of speculation, as the little-known Lake Ahaura is remote and largely inaccessible.
A police search team was deployed by a helicopter on Saturday but found nothing of significance.
However, a "mortified" father had contacted police after reading media reports.
Senior Sergeant Brent Cook said a local family had been boating on the lake and the children thought the sign would be a great joke.
"Dad is taking appropriate action."