The incident was reported around 1:40 p.m. in the 2700 block of Shadow Canyon Circle.
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Two riders were with two horses when something frightened the animals, causing them to run off. One was found, but the second, a horse named Conquistador, went missing.
Crews spent Sunday afternoon searching for the animal and eventually found him.
"With the help of our partners at @RSO, the horse was hoisted by helicopter from the riverbed," said the CAL FIRE/Riverside County Fire Department in a post on X.
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"I'm happy, I'm glad he's ok. He's a beautiful horse, he dances, he's well taken care of and loved so, I'm glad he's ok," said Diana Solis, whose husband's friend was with the horse.
Conquistador is reportedly doing well. The rider was also located and was not injured, authorities said.