In a Facebook post, the Comal County Sheriff's Office said Michael Talley's body was recovered from a part of the lake near where he is believed to have gone under.
Talley was pronounced dead at the scene.
On Sunday, Talley took his twin girls to Canyon Lake for a birthday trip. He was riding a jet ski with his daughter, Daja, when a sudden turn caused them to fall off.
VIDEO: Family remembers father who went missing on Canyon Lake
"My dad had made a sharp turn and we both fell into the water," Daja said.
Daja said she was wearing a life jacket but still went under the water. After she resurfaced, she started to cry out for her dad. Daja said her dad took off his life jacket and gave it to her.
"He thought I was going to drown," she said.
While Michael struggled to stay above water, someone arrived with another jet ski to help.
"He was saying, 'Come on, come on.' Then the lady was trying to let [Michael] on the jet ski and he couldn't, and he slipped off of it," Daja said. "I didn't see him anymore."
It was Michael Talley's twin daughters' 12th-birthday trip.
"He said that this was probably going to be the best vacation that we had yet," Daja said.
Teayla Talley said her brother was a single father, but an amazing dad. The twins' mother died after a severe asthma attack when they were 3 years old.
"Everything he did, he did for these two," Teayla said.
Now, she will raise the twins as her own.
"They're mine now because he would do the same for me," she added.
The twins said they will always be daddy's girls.
"He was an amazing and heroic dad, and we will love him, and pray for him every day and talk to him in heaven," Daja said.