Red Cross workers in Puebla state identified the victim as Dakota Koll, 24.
Three separate groups — two Americans, two Mexicans and two Guatemalans — began to climb the dormant volcano, also known as Pico de Orizaba, on Friday, the head of Civil Protection in Puebla, Jesus Morales, told AFP.
By late Saturday officials in Puebla learned that some of the climbers were missing, and a rescue mission was launched.
Koll’s body was found in an area of the volcano known as “The Sarcophagus,” located some 5,000 meters above sea level.
Koll’s climbing companion however was rescued alive, Morales said, while a Mexican woman who suffered a twisted ankle was also rescued.
Rescuers were still searching for the two Guatemalans, Morales said.
The climbers were found on a dangerous route to the top where people have earlier been killed, including a French and a German climber in 2012.
The snow-capped volcano rises 5,747 meters (18,854 feet) above sea level and is the third highest mountain in North America. It last erupted in 1846.