A teenage boy is missing after a small boat capsized on Lake Mulwala.

Two 16-year-old boys were on the tinnie when it overturned at Yarrawonga on Sunday.

Two men saw the boys in trouble and managed to rescue one of them.

Emergency crews have not been able to locate the second boy.

“It’s a heartbreaking situation,” 9 News reporter Penelope Liersch told 3AW from the scene.

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