Australian Steve McKenna has won Ironman New Zealand in Taupō, while Chelsea Sodaro from the United States has set a course record in the women's event.
McKenna completed the 3.8km swim, 180km bike ride and 42.2km marathon in eight hours and one minute.
Sodaro's new record-setting time was eight hours and 40 minutes.
Ironman is considered one of the toughest endurance events in the world.
Speaking after the race, McKenna expressed surprise at his win: "It's still a bit too hard to believe, it's pretty emotional.
"You never imagine that you can win, everything has to go so perfect."
Saturday's race did go perfectly for McKenna, who beat his closest rival Niek Heldoorn from the Netherlands by nearly three minutes.
Sodaro was well ahead of second place winner Els Visser, who came in at eight hours and 57 minutes.
Sodaro, a mother of one, was greeted by her husband and daughter at the finish.
"Everyone's embraced us and I think this will become a second home for us on some level," she said.
Two thousand athletes lined up along the shoreline of Lake Taupō at first light to brave the choppy water.
Local iwi Ngāti Tūwharetoa rowed a waka to the shore, challenging the competitors with a rousing haka.
While professional athletes complete the race in eight to nine hours, many competitors were expected to be cycling and running well into the night.
The final cut-off is 17 hours after the starting gun, which will be 1am on Sunday morning. Organisers say there will still be hundreds of supporters cheering on competitors, until the last one crosses the finish line.
Results
Professional Men
Steve McKenna - Australia: 08:01:12
Niek Heldoorn - Netherlands: 08:03:45
Ben Hamilton - New Zealand: 08:08:12
Professional Women
Chelsea Sodaro - United States: 08:40:06
Els Visser - Netherlands: 08:57:33
Jocelyn McCauley - United States: 08:58:22