Officers say they believe the discoveries in the River Clywedog at Wrexham are linked.
A member of the public found the woman’s body on Wednesday afternoon near Felin Puleston.
The second was found early on Thursday “as a result of a search related to an earlier incident”, said police.
“Inquiries are ongoing. It is believed to be linked to the discovery of a woman’s body yesterday evening [Wednesday], however this is yet to be confirmed,” North Wales Police said in a statement.
Local people report the river as being swollen after heavy rain earlier this week.
Anyone with information is asked to contact police on 101.