Five kayakers have been found alive and well in Victoria's east, after going missing with no warm clothing or camping gear.

The group failed to meet other kayakers at the Cowwarr Weir near Heyfield on Saturday night, and a police air search had to be abandoned because of low cloud cover.

Water police and rescue teams were sent to the Thompson River early this morning, and they were found just before 8:00am.

Earlier, Acting Sergeant Rick Michalik said the kayakers had limited supplies and were wearing light clothing.

"They were just wearing board shorts and T-shirts, I don't believe they've got jackets or helmets which would be a good thing for white water kayaking," he said.

"They've got absolutely no gear for overnight camping."

He said warm overnight temperatures would have lessened their exposure to the elements.