BARRIE, ONT. -- An underwater search team has recovered the body of a man from Rice Lake following what police describe as a boating accident.

The man had been unaccounted for since 7 a.m. Saturday, when police say the driver of a boat with three people aboard lost control near Wood Duck Dr, south of Peterborough.

The search was paused Saturday night and restarted early Sunday. Police made the grim discovery around 3:15 p.m.

Police have identified the deceased as Tien Dat Tran, 41 of Markham.

Another man was seriously hurt and airlifted to a Toronto hospital. A third man has minor injuries.

Investigators are still looking into what caused the driver to lose control.