Search resumes for missing teen who vanished after boating accident at Lake Mulwala in Victoria's north

The search is continuing for a teenage boy who is is feared dead after a boating accident on the Victoria-NSW border.

The 16-year-old has been missing for almost 24 hours after he went overboard in Lake Mulwala at Yarrawonga just before 9am yesterday.

He was fishing with a friend, also 16, when a wave swept them from their tinny and dragged them underwater.

Two men in their 30s and 50s who witnessed the incident managed to jump in and swim back to shore with one of the boys.

But when they returned to the water for the second boy they couldn't find him.

Search and Rescue officers spent more than eight hours yesterday searching the lake with the assistance of Airwing, SES, and police divers.

Search boats had to be pulled from the water overnight but the search resumed with first light today.

It's understood the boys were visiting from elsewhere in Victoria.