Police were called to Mollymook Beach, 60km south of Nowra, late last night after members of the public discovered the remains.
There is currently no indication as to whether the remains belong to Ms Caddick but DNA testing is underway.
The beach is over 200km north of Bournda National Park near Tathra, where three teenagers found a shoe containing the remains of a human foot on Sunday.
Officers identified the shoe as being the same to a pair Ms Caddick was wearing during raids on her home prior to her disappearance.
If confirmed as belonging to Ms Caddick, the latest discovery would add more weight to the theory that the Sydney businesswoman’s remains were carried south down the coastline from Sydney by drifting currents.
Offshore drift modelling found that a body which entered the water near Ms Caddick’s home in Dover Heights in Sydney may have drifted to the South Coast over time.
Ms Caddick, 49, disappeared on November 12 last year after leaving her home for what her husband believed was a morning run at 5.30am.
She and her family lived in affluent Dover Heights in Sydney’s eastern suburbs.
The Australian Federal Police (AFP) raided her home as part of an ASIC investigation the day before she disappeared.
What we know about Melissa Caddick
- Suspected of stealing “tens of millions” from investors
- Spent hundreds of thousands on designer label clothes and ski trips
- AFP raided Dover Heights home as part of ASIC investigation
- Ms Caddick disappeared on November 12, soon after raid
- Left home without wallet or keys, had made zero contact with anyone since
- Remains found on NSW South Coast beach on February 21