Police said Carmine Salavati had arrived in Pushkar, along with a woman, and went missing from his hotel last night.
After Salavati did not return to the hotel last night, the woman informed the local police through a hotel staff, Assistant Sub-Inspector of Pushkar police station Shakti Dan said.
"The body of Salavati was found in the Pushkar sarovar this morning and has been shifted to the mortuary of JLN Hospital in Ajmer," Dan said.
"The Italian Embassy has been informed about the incident and further investigation is on to ascertain the cause of the death," he said.