UPDATE: About 9.20am today, the man was located safe and well on South Forest Way, about 2km south of Gum Creek Road.
Police thank members of the public and media for their assistance.
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Police, SES and RFS volunteers are searching the Tallaganda State Forest near Captains Flat for a 25-year-old man believed to have spent the night in his 4WD.
The man contacted Monaro Local Area Command police at 6pm yesterday to report that he was lost in his broken down vehicle.
The man is believed to still be with his vehicle and has access to water; however, police are concerned as weather conditions are deteriorating.
Police, SES and RFS volunteers searched for the man until the early hours of this morning; it resumed about 8am.