Samuel Woodhead, 18, disappeared on Tuesday from a cattle station in Queensland where he was staying when he went for a jog.
A police spokesman said Mr Woodhead was a little sunburned when he was found, but otherwise well. His family has been notified.
The former Brighton College student is being returned to the cattle station for assessment, before being transferred to a hospital in the nearby town, Longreach.
His sister, Rebecca, posted the news on Facebook today, saying: "We have been told that they have found sam!! We have no information yet, so keep your fingers crossed."
Local authorities launched a search for Mr Woodhead, reportedly from Richmond Upon Thames, in Surrey, by land and air amid fears he may have become lost in the hot, isolated region, where temperatures have been around 37C (98.6F).
Rebecca told ITV's Daybreak today that Samuel was on his way to hospital by helicopter with injuries no worse than "minor sunstroke, dehydration and chapped lips".
Samuel's father Peter Woodhead said: "The word 'nightmare' these says is much misused," he said. "This has been a true nightmare.
"We have had so much support from friends and family," he said. "I would like to put on air the thanks we give to everyone who joined in their search effort. He owes his life to them."
Alex Dorr, a Queensland Rescue Helicopter pilot, described the area as "harsh and unforgiving", adding: "Once we had a guy missing for a much shorter time and he passed away from dehydration."