Alan Bricknell had been camping with friends at Pettmans Beach and went from a walk and a swim  about 9am on Saturday when he got lost.

Friends raised the alarm at 9pm when he failed to return by Saturday afternoon.

Lakes Entrance police mounted a large scale search and rescue operation involving the coast guard, the air wing and SES volunteers in eastern Victoria. The search went into the night and started again at first light on Sunday morning.

Mr Bricknell was eventually found by the police helicopter walking along Ninety Mile Beach, at about 11.30am on Sunday, more than three kilometres from the campsite.

Sergeant Mark Adlam who led the search said Mr Bricknell was badly sunburnt and dehydrated when he managed to wave down the aircraft.

"He was a bit sore but he was in surprisingly good spirits," Sergeant Adlam said.

Mr Bricknell had gone walking along the beach for several kilometres back and forth after missing the path back to his campsite.

When no one came to find him on the beach, Mr Bricknell created a makeshift shelter from tea tree branches while he waited to be found.

Since he was wearing nothing but a light shirt, shorts and boots, Sergeant Adlam said "I think he is lucky".

With no food or water, Mr Bricknell managed to capture rain water in plastic bags. "He had been camping since he was 19, so he's obviously learnt something," Sergeant Adlam said.

Ambulance Victoria spokesman John Mullens said Mr Bricknell was transferred from the helicopter taken by ambulance to Bairnsdale Hospital where he was being treated for cuts and exposure.