Zoo staff cared for the injured bird and it is being returned to its owner in south Wales.
'The Pit Man' had failed to return from a race in the south of France five weeks ago.
Owner Craig Dewar, from Abertillery, Blaenau Gwent, said he was "thrilled" his bird had been found.
Zoo worker Justin Aird said: "I was just giving a public talk about how the meerkats stand sentry duty to look out for birds of prey when suddenly there was a commotion overhead. Moments later, the pigeon dropped out of the sky and landed nearby."
Staff found the bird's identity tag and contacted Mr Dewar.
Zoo curator Colin Northcott said: "Obviously the bird was very shaken and had sustained some minor injuries but he was very lucky to have fallen where he did.
"If it had been anywhere else, even in a more remote part of the zoo, the buzzard would surely have finished him off."
The bird got its name as it always flies home over the site of the former Six Bells Colliery in Abertillery.
Mr Dewar said: "I was thrilled to hear that he'd been recovered. I just can't believe that he will be back with us soon."
The Pit Man will be able to give his wings a rest on the journey home as he will be couriered back by a specialist.
A racing pigeon feared lost has turned up after plummeting out of the sky into Dartmoor Zoo in Devon following an attack by a bird of prey.