The body is suspected to be of sub-inspector Abhay Kumar Yadav. However, police is yet to identify the body.
According to local news channels, the body was found near Simratali forest under Chanan police station in Lakhisarai.
Abhay Kumar Yadav was killed at around 4pm on Thursday, Sep 2, six hours after the expiry of the Maoists' second deadline of 10am.
The killing took place following a decision by a 'jan adalat' or kangaroo court, a Maoist spokesman had said.
Yadav was one of the four Bihar policemen kidnapped by Maoists after a six-hour gunfight in Lakhisarai district.
The gunbattle left seven policemen dead and 10 injured. Maoists claimed the gunfight was in retaliation for the killing of their leader Azad and a journalist in Andhra Pradesh.