A body found in bush land near Mayfield is believed to be that of missing man Billy Ray Waters.
Tasmania Police Detective Acting Inspector Craig Fox said the body was located about 2.30pm and had not yet been formally identified. However, detectives believed it to be the 19-year-old missing Launceston man.
Two people were taken into custody about 3.30pm and are assisting police with their inquiries.
"Our thoughts and condolences are with Billy's family and loved ones at this difficult time," Detective Acting Inspector Fox said.
The last confirmed sighting of Mr Waters was on Holbrook Street at Invermay on August 4.
He was reported missing on August 11.