Police divers have found the body of missing toddler Ruben Scott in a large dam on his family's Cape York property.

Key points: Divers located Ruben's body in a large dam near the family homestead

Divers located Ruben's body in a large dam near the family homestead The toddler went missing late on Tuesday afternoon, prompting a massive search operation

The toddler went missing late on Tuesday afternoon, prompting a massive search operation Ruben's grandfather Noel Scott earlier said the family had been preparing for the worst

The two-year-old was last seen at the homestead on Koolatah Station, about 100 kilometres from Kowanyama in Cape York, on Tuesday afternoon.

Emergency services were joined by staff from neighbouring cattle stations and the local Indigenous Land Council to search for the little boy.

The massive search operation scoured the property for three days by land, water and air.

There was a lot of water dotted about the property, and the homestead backs onto a lagoon and the Mitchell River.

Police said the dam where Ruben's body was found was about 100 metres from the homestead.

The homestead at Koolatah Station backs onto water. ( Supplied )

Chief Superintendent Brian Huxley had been coordinating the search and said Ruben's body was found at about 3:30pm on Friday.

He expressed his condolences to the family and his gratitude for all involved in the search.

Chief Superintendent Brian Huxley said it was a tragedy Ruben was found so close to home. ( ABC News )

"The family as you can appreciate are absolutely devastated, as are all the people involved in the search," he said.

"[It's] just terrible. Really, really terrible … just a terrible tragedy. The whole community is going to be grieving over this.

"The police, the SES, the volunteers, everybody has been working so hard to try to find this little boy."

"For me, one of the saddest parts of this is that as big as the station is, as intense and as comprehensive as the search was across such a large area, the reality is he's located only 100 metres away."

Earlier today, Ruben's grandfather Noel Scott said the family had been preparing for the worst.

"As a family we'd just like to thank police search and rescue, Kowanyama police and the SES," Mr Scott said.

"Hopefully we can find Ruben today."

Ruben was last seen playing in the garage. ( Supplied: Natasha Scott )

Chief Superintendent Huxley described the search effort as "tremendous".

"The neighbouring properties have just been outstanding," he said.

"They're not looking for a pat on the back out of this.

"They've thrown people at it, they've thrown resources, helicopters, the whole lot.

"It's just what they do in these places, they support each other, and they're really feeling it at the moment."

He said police still had to formally identify the body and would be preparing a report for the coroner.

"They're exhausted, they have been working non-stop on this," he said.

"They're not sleeping — it's just been an incredible effort."

Chief Superintendent Huxley said dozens of people had worked without rest on the search. ( Supplied: Queensland Police Service )

Chief Superintendent Huxley also paid tribute to the search coordinators.

"I really take my hat off to them — the search and rescue experts who've been brought in, other government departments.

"SES technology that they've thrown at this — drone technology in the far-flung parts of the state that would've been science fiction only a few years ago — they've done everything they can to try to have a successful conclusion."

Chief Superintendent Huxley described the family as "very resilient people".

"We've got some local counselling support which is available to assist and we've got the local police who'll be with them and stepping them through the whole process that's yet to come."

He said they had thrown every possible resource at the search.

He said the property was about 1,700 square kilometres in size, and more than 60 people were involved in the search.

He said friends and neighbours threw enormous resources into the search.

"At one stage there, we had seven helicopters in the air, which is quite an extraordinary effort in such a remote location of the state," he said.

A Queensland police liaison officer who was one of the many people involved in the search. ( Supplied: Queensland Police Service )

"We've thrown [in] extra resources from Cairns, they've come up from Brisbane — the eight members of the specialist dive squad who arrived today.

"The SES have had staff up here. Everybody was actually in the process of planning a rotation of staff because they weren't planning on going anywhere.

"Just the fabulous way in which the local community rallied around this family and [did] everything they could to support them, just tremendous stuff.

"It's a human tragedy unfolding — the little fella who's lost his chance at life, grieving mum, family, just bloody awful.

"There are so many people who have passed on their support and their best wishes and now their condolences, and the family really do appreciate that."