The Navy and the Coast Guard had also deployed choppers in the rescue operation.
The body of the fourth boy, who had drowned off Juhu beach was found behind JW Marriott hotel in the early hours today, police said.
Bodies of three others had been recovered yesterday. "Search for the fourth missing boy, Faisal Shaikh, was on. Around 1:30 am, his body was found on the Juhu shore at the back of JW Marriott hotel," a senior police official said.
The body was taken to Cooper Hospital for post-mortem, after which it was handed over to the family members, he said.
The Coast Guard, which was involved in the search, called off the operation after the 16-year-old victim's body was found, the official added.
A Coast Guard spokesperson said, "Police informed us that the last body has been recovered. Thereafter, we called off the search operation."
Four of the five people, who had ventured into sea to swim off Juhu beach on Thursday evening, had drowned, a police official said.
One of them, 22-year-old Wasim Khan, was rescued by life guards, who were on duty at that time.
"A search operation had been launched to trace the four victims with the help of fire brigade, police, Coast Guard and Navy. After constant efforts, bodies of Fardeen Saudagar, Sohail Khan (both 17) and Nazeer Gazi (22) were recovered yesterday," he said.
The Navy and the Coast Guard had also deployed choppers in the rescue operation.