Labour peer Lord David Lipsey died while swimming in the River Wye in Glasbury, Wales, Dyfed-Powys Police said.
In a statement the force said: "Dyfed-Powys Police received a report concerning the safety of a man who was last seen swimming in the River Wye, Glasbury. Following a multi-agency search on July 1, sadly, we can confirm the body of Lord David Lipsey was recovered.
"His next of kin have been informed and our thoughts are with them at this difficult time. They have asked for their privacy to be respected."
The Lord Speaker said the upper chamber extended its "condolences to the noble Lord's family and friends".
Lord Lipsey, who previously worked as a journalist and Downing Street adviser under then prime minister Jim Callaghan, enter the Lords in 1999.
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