Police have found the body of a fisherman who went missing in the Wellington Harbour after the dinghy he was in capsized and sank.

The man, who was in his 40s, was out fishing with a friend when the boat capsized about 50 metres offshore of Hutt Road near Horokiwi at 3.30pm on Saturday, a statement from police says.

The other man managed to swim to shore and raise the alarm.

A search began but the man was found dead by members of the Police National Dive Squad about 5.30pm.