A search has resumed for a teenager who fell from a boat into a lake on the Victoria-NSW border.

Two 16-year-old boys were fishing in the tinnie on Lake Mulwala at Yarrawonga about 9am on Sunday when they were hit by a wave and fell overboard, police said.

Two men swam to their aid and managed to pull one of the boys to shore.

However they could not find the second teenager.

Police divers and members of the Air Wing and Victoria’s State Emergency Service searched the lake on Sunday, before finishing for the day about 7pm.

Police said on Monday their search had resumed at 8am.

-AAP