Pinal County Sheriff Mark Lamb said a charred body was found south of the Coolidge Municipal Airport on Saturday.
Lamb said they believe it is the body of 25-year-old Cody Robert Virgin, who was last seen by his family on Monday, Jan. 30.
"Sadly, the body was charred and we were unable to immediately identify (it)," Lamb said in a video posted on Facebook. "However, there was a unique piece of jewelry located on the body and also some shoes. When we made contact with the family, they did identify that jewelry and shoes as being items that Cody did wear."
A man has already been arrested in connection with the case.
William Daniel Randolph, 26, was arrested Wednesday on suspicion of first-degree murder, hindering prosecution and abandonment or concealment of a body.
Lamb said a follow-up investigation will be needed to positively identify the body.