Steven Frederick Johnson, 74, denied he killed Christopher Jarvis, 38, who was last seen leaving his Wangoom home in Victoria's far west in June 2006.
He pleaded not guilty to murder and faced trial in the Victorian Supreme Court, with jurors delivering their verdict on Friday.
Members sitting in the public gallery of the Warrnambool courthouse burst into sobs while other shook hands as the guilty verdict was handed down by the jury foreperson before some left the courtroom.
Mr Jarvis was attacked in his driveway by his landlord Johnson and another man as he tried to leave for work.
Johnson struck Mr Jarvis to the back of the head with a starter pistol, held him down on the ground while he yelled for help, and then shot him in the ear.
Mr Jarvis was bleeding from the head when Johnson and the other man dragged him into the boot of his car and drove to a remote forest.
The jury was told Johnson then grabbed a baseball bat from the car and struck Mr Jarvis with force, killing him.
He and the other man then dug a shallow grave in the forest and buried Mr Jarvis before leaving the scene.
The two men dumped Mr Jarvis's car at Thunder Point in Warrnambool and set fire to the vehicle, the jury was told.
The 38-year-old's body has never been found.
Johnson and his tenant had been fighting over $2210 in rent Mr Jarvis allegedly owed, senior crown prosecutor Mark Gibson KC told the jury.
Johnson had filed for Mr Jarvis to vacate the Wangoom property and pay the outstanding funds, with a court hearing listed for the day after the alleged murder.
Mr Gibson argued the dispute was Johnson's motive to kill Mr Jarvis.
"It's no coincidence that Chris Jarvis went missing the day before that court case," he said in his closing address.
"Johnson knew he had a fight on his hands."
But defence barrister Patrick Doyle argued Johnson had been happy for the court to sort out the dispute.
Mr Doyle instead argued it was Johnson's co-accused who was responsible for Mr Jarvis' death.
The man, who cannot be identified, gave evidence in the trial but repeatedly lied about Johnson's involvement in the killing, Mr Doyle said.
"All you have to go on is the word of a man who is a practised liar with an overwhelming incentive to stick to his story ... to get him off a murder charge," Mr Doyle said.
The jury began their deliberations on Monday after hearing four weeks of evidence.
The verdict was returned on Friday afternoon.
Johnson was remaned in custody ahead of a pre-sentence hearing on December 14.
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