Jevon Hirst, Harvey Owen, Wilf Henderson and Hugo Morris, who were college students aged between 16 and 18, had travelled to Snowdonia (Eryri) at the weekend where they had planned to camp overnight.
They were last seen on Sunday morning in a silver Ford Fiesta, and their families raised the alarm when the group failed to return home to Shrewsbury on Monday.
After a tipoff from a member of the public, police found a car overturned and partially submerged in water yesterday morning, about 5 miles from where they had last been seen in Porthmadog two days earlier.
Supt Owain Llewellyn, of North Wales police, said: "At present, this appears to have been a 11 tragic accident, and our thoughts are with the family and friends of the four young men at this very difficult time.
"This has been an extensive search involving a number of different agencies and volunteers, and this is sadly not the outcome that any of us would have wanted."
Police said the four teenagers one 16-year-old, two aged 17, and one 18-year-old - had travelled to Harlech, Gwynedd, on Saturday evening and had planned to camp in Snowdonia on Sunday.
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