City police Chief Donna O'Conner said a resident reporting find the body in a wooded area behind his home. She said the body resembled Leanne Mary (Hecht) Bearden and was wearing rings that appeared to belong to Bearden, the New Braunfels Herald-Zeitung reported.
"We found what we believe to be the body of Leanne Bearden," the chief said. "Both the Hecht and Bearden families have been notified."
The body was found just a few blocks from the home where Bearden's in-laws live, the newspaper said.
O'Conner said she wouldn't speculate on the cause of death. An autopsy was to be conducted.
"I won't rule out foul play until an autopsy is performed," she said.
Bearden, a 33-year-old native of the Atlanta area, had returned to the United States in December after spending two years traveling the world with her husband Josh. He and his parents reported her missing Jan. 17 after she failed to return from a walk.
An extensive search had failed to turn up her body.