Officers said formal identification has not yet taken place, but the family of a 50-year-old man reported missing from Greenock on Tuesday has been informed.
The body was found near High Mathernock Farm in Kilmacolm, about 15 miles west of Glasgow, at around 9.20am on Tuesday.
Police are also investigating a reported disturbance in Lansbury Street, Greenock, which happened at about 2.45am the same morning, to determine whether it is connected.
A Police Scotland spokesperson said: “Three men, aged 51, 45 and 44, have been arrested in connection and extensive enquiries are ongoing.”
