Daniel Kerr, one of two snowboarders missing on Victoria's Mount Bogong, has been found dead at the bottom of an avalanche.

The 32-year-old and his friend Martin Buckland, 33, were reported missing when they did not return from their snowboarding trip for a family function on Saturday.

Search and rescue police found Mr Kerr's body and said they expected to find Mr Buckland's nearby.

Inspector Dave Ryan from Victoria Police said it appeared the men were caught in an avalanche not far from their campsite.

"I've spoken with both families and it's a really, really tragic time for them," Inspector Ryan said.

"They understand the situation we're faced with. Essentially we are looking to try and recover the second body."

He said an unknown signal led them to the area where they found the body and were tracking it in order to find the other missing man.

"There's every possibility the second male's not far away, however the snow depth at the moment is over four, four-and-a-half metres, which is making it a bit challenging for actually trying to probe and trying to discover exactly where he is," Inspector Ryan said.

Mr Buckland and Mr Kerr planned to camp at Michell's Hut before moving on to Eskdale Spur, about half a kilometre away.

A group of walkers found the pair's empty tent with sleeping bags and other equipment inside on Sunday morning.

Mr Kerr's body was found 400 metres down a slope off Eskdale Spur.

Police warn of potential dangers

Inspector Ryan said people needed to be vigilant with their planning for snow trips, including taking the area's environment and weather forecast into account.

"You need to do a lot of pre-planning, you need to let a lot of people know where you're going and then start to invest some real money in safety equipment," he said.

"The snow can catch people out in a hurry.

"This is something that these two guys were highly experienced in.

"They'd been up there on a number of occasions, they're equipped, they know what they're doing, and they got caught out.

"The message is ... it's not somewhere that just anybody should go. It's a very hazardous environment.

"Whilst you might think you're a good snowboarder there are so many other things you need to worry about other than just your ability to ski or snowboard."

Inspector Ryan said emergency services were making about one rescue a week across the Victorian high country this ski season, including three in the past week at Mount Bogong.