Jose Becker, 57, had been swimming at a dam on his property near the town of Rincao do Inferno and was declared missing around 5 p.m. local time on Wednesday.
The Fire Department of Cacapava do Sul sent a team to assist in the search, and it located the body at 11:59 p.m., authorities told ESPN Brazil. No foul play was suspected.
Internacional, whom both brothers played for, tweeted their condolences.
“It is with great sadness that we received the news of Jose Agostinho Becker’s death, the father of our ex-goalkeepers Alisson and Muriel,” the club said.
Liverpool are next scheduled to play Sheffield United at Bramall Lane on Sunday.