Updated — Nov. 19, 9:58 a.m. ET
Officials said Miss Honduras, Maria Jose Alvarado, and her sister Sofia Trinidad have been found dead in the village of Cablotales after going missing on Thursday, the BBC reported.
Alvarado, 19, and Sofia Trinidad, 23, were last sighted leaving a party in the Santa Barbara region in a car without a license plate on Thursday.
Leandro Osorio, the head of Honduras' National Bureau of Criminal Investigation, said that their bodies had been found near the Aguagua River.
Osorio said: "We are 100% sure it's them," adding that a "protected witness" had provided valuable information.
Maria Jose Alvarado had been due to take part in the Miss World 2014 event in London, which starts Thursday.
A police spokesman said two men have been arrested, one of whom is Plutarco Ruiz — the boyfriend of Sofia Trinidad, Sky News reported.
Police spokesman Jose Coello said Ruiz had been arrested on suspicion of kidnapping. Two vehicles and a pistol had been seized.
The other man police have detained has been identified as Aris Maldonado.
The BBC reported that four men were questioned over the disappearance.
A U.N. report indicated that Honduras has the highest homicide rate in the world, with 90.4 people murdered for every 100,000 people in the population.