Neither has been formally identified yet, but the families of two women reported missing from Galashiels have been kept informed.
One woman was found dead in Galashiels at 3.15pm and the other was discovered at Kelso at 5.30pm.
The first is suspected to be Emilie Anderson, 26, of Carlisle in Cumbria. She was reported missing on Sunday, March 1.
The second woman is feared to be Melita Hachey, 30, reported missing on Saturday, February 22.
Emilie was last sighted by friends at about 2.30am in Market Street in Galashiels.
Melita was last seen leaving her home in Livingstone Place in Galashiels on the afternoon of Friday, February 21, reportedly bound for Leaderfoot via Gattonside or Melrose.
A police spokesperson said: “We can confirm that the body of a woman was found in the Galashiels area at around 3.15pm on Monday, March 2.
“Formal identification has yet to take place. However, the family of Emilie Anderson have been informed.
“Police Scotland can also confirm that around 5.30pm on Monday, March 2, the body of a woman was found in the Kelso area.
“Formal identification has yet to take place. However, the family of 30-year-old Melita Hachey, reported missing from Galashiels on Saturday, February 22, have been informed.”