Guillermo Luna Varela and Gabriel Huge had both been reported missing Wednesday, CNN reported. Naval police discovered their bodies and those of two other men in four bags in the Zamorana Canal in Boca del Rio, Veracruz state.
The Veracruz attorney general's office said in a statement torture seemed to have been used on all the victims.
"By the characteristics of the crime, one presumes that organized crime was involved in the commission of these homicides," the statement said.
Luna Varela worked for veracruznews.com.mx, the attorney general said.
Another journalist was killed this week in Veracruz. Regina Martinez, a reporter for Proceso, a weekly magazine, was strangled in her home in Xalapa.
Veracruz has become increasingly violent. In November, 35 bodies were discovered in two trucks dumped in the canal.