The darted rhino was in good health, Polokwane municipality spokesperson Simon Mokoatedi said.
"We got a vet to come and treat the rhino, and now it is back in circulation," he said.
The rhino was spotted by a hiker on Saturday, who noticed it had been darted.
The hiker reported the animal to the authorities. While rangers were searching for it they discovered the carcass of another rhino.
"From its state of decomposition, it had been killed and dehorned about a week before," Mokoatedi said.
The darted rhino was found shortly after and was revived by a veterinarian.
The game reserve set up additional security measures and appealed to anyone with information on suspected poaching activities to come forward.