Police say they have found the body of a man who went missing in Brampton's Professors Lake after he entered the water to help his daughter.

Peel Regional Police say the man, in his 40s, was wading in the lake with his two daughters, aged five and 10, when one of them slipped on a rock and fell into the water.

He went in to help her, but went underwater himself. The daughter made it out safely.

A police dive team was called in to help in the search.