A man's body has been found at a lake in Melbourne's outer east, in the latest apparent case of a paddle-boarding misadventure.

The 38-year-old man from Clayton was reported missing after taking to the water at Lysterfield Lake on Saturday afternoon.

Passers-by last saw him just after 2.30pm and police believe he was using a paddle board.

The police air wing, water police, search and rescue divers and State Emergency Service searched the lake and found the man's body just before 9pm last night.

His death is not being treated as suspicious.

It comes after four teenagers survived after being swept from one side of Port Phillip Bay to the other on two inflatable paddle boards in December.

Another two paddle boarders were rescued in the area the next day.