The pair were the last of 16 bushwalkers who went missing near Carnarvon Gorge, south of Emerald, on Thursday morning.

A helicopter crew began searching for the group after it failed to return following heavy rain in the area on Wednesday.

"They were (all) supposed to walk out on Thursday but police were contacted on Wednesday due to the amount of rain they had," a Queensland Police spokeswoman told AAP.

"They were cut off at Big Bend campsite."

The RACQ Capricorn Rescue service said the first 10 hikers were found walking out of the area in poor weather, and four more were located later on Thursday night.

The two remaining hikers spent the night in the bush and were facing a second night lost after bad weather hampered rescue efforts on Friday.

But late in the day, the pair walked themselves to rescue crews.

"They've got themselves out and are in good condition," the police spokeswoman said.

"No one else is missing."

In a separate incident not far from where the hikers went missing, rangers found a man at an isolated campsite after he activated an emergency beacon about 7am on Friday.

The man set off the EPIRB when he became concerned about water levels in a local creek, a Department of Environment spokesman said.

The rangers assured him he was safe, he said.

Australian Associated Press