Baljit Singh from Harborne in Birmingham was reported missing after leaving his home on December 23 to collect a birthday cake for his son.
Mr Singh's body was discovered yesterday at an address in Beeches Road, Rowley Regis, West Midlands.
West Midlands Police said a man and a woman had been arrested on suspicion of murder by officers investigating the death of Mr Singh. Detectives have launched a murder inquiry.
"A 32-year-old man and 27-year-old woman arrested on New Year's Eve in connection with Mr Singh's disappearance are now being questioned by detectives on suspicion of his murder," a police spokesman said.
<divid='ndtvrelcontent'></div>"The pair - both from Sandwell - were arrested by West Midlands Police officers from an address in Kingswinford at around 4.30pm on Wednesday initially on suspicion of stealing the 50-year-old's Range Rover."
Appealing for information from the public, Detective Inspector Warren Hines said: "We believe Mr Singh disappeared from Smethwick High Street in the early- to mid-afternoon on December 23 - and that he'd had a drink in the Red Cow pub there before leaving in his grey 58-plate Range Rover.
"I'd really like to speak to anyone who was in Smethwick High Street between 1pm and 4pm on December 23 and may have seen Mr Singh or his vehicle.
"Any information they can provide could help progress the investigation."
Two other people arrested on suspicion of car theft - a 28-year-old man and 23-year-old woman from Kingswinford - have both been released on police bail pending further inquiries.