No official identification has been released, but the families of both men have been briefed.
“Further forensic investigations should be conducted as soon as it is found safe, and reports will be prepared for the WA coroner,” a police spokesman said.
He added that investigations were underway against other people who were not taken into account.
Earlier on Saturday, police said three people went missing in a fire that also destroyed at least 10 other buildings in Yarlup, including historic buildings.
A member of the family, who did not want to be named, told AAP on Saturday that she feared Malcolm Taylor had died because no one had heard of him since Thursday night before a fire broke out across the city and he had not registered with authorities.
When she last spoke to the 73-year-old, who needs a hearing aid, he said he was going to stay at his home.
“He goes to bed early, around 7.30pm, so we’re worried he turned off his hearing aid and went to bed, and then the ladies got up so quickly.”
She said gas cylinders near the house exploded and the family was concerned that Mr Taylor had been killed.
The family also saw footage of news of Mr. Taylor’s dilapidated house and the remains of his burned-out car.
“If Malcolm had been okay, he would have called someone now,” she said.
Prime Minister Colin Barnett met with residents of the Pinjar Evacuation Center and said the state government would help rebuild public facilities in Jarlup, although he was not sure how many of the 545 people would return.
“I’m sure there will be a Yarloop, but probably not a Yarloop the same size,” he said.
Federal MP Andrew Hosti also visited the evacuation center and conveyed condolences to the victims and admiration for those helping.
Fire and Emergency Services Commissioner Wayne Gregson said it was a severe forest fire and they “have not yet come out of the woods”.
The emergency warning remains in effect for much of the region, where more than 70,000 hectares have been burned since a lightning fire on Wednesday.
Disaster relief will be available to victims under jointly funded by the Commonwealth and State agreements on disaster relief and recovery.
Four firefighters were injured fighting the blaze, while more than 60 firefighters arrived on Saturday to help tired crews.
Several roads and recreation areas remain closed, and farmers are forced to dump thousands of liters of milk.
Western Power says thousands of properties remain without electricity, but burned trees and debris that are at risk of collapse must be cleaned before the grid can be restored.
About 835 people registered at the two evacuation centers, and children there welcomed distractions, including horses and players from the Wildcats basketball team.
Officially, material donations are not accepted, but those in need are given basic necessities and small gifts, and animals are given shelter.
The CWA has asked people not to bring food to evacuation centers.
People who want to help can make monetary donations through the Lord Mayors Relief Fund, and the state government has already allocated $ 1 million.
Police also insist there are no problems with the looters.