Police Scotland were alerted to a man in the water on Wednesday at Threipmuir Reservoir near Balerno, on the outskirts of the capital, and a body has now been recovered.
While formal identification is yet to take place, the family of the man concerned has been told.
Emergency services were initially called to Threipmuir at 5:35pm on Wednesday, after a man in his thirties fell from a dinghy he was sharing with a group of friends.
The response, which included both marine and land units, continued into this weekend.
The reservoir and its car park have now been reopened to the public.