A body they believe to be his was discovered by the nephew of a farmer in a May's Landing, Atlantic County field.
The field is mere miles from where police say Caballero was carjacked and kidnapped a week ago Friday.
"We are still investigating this matter, that is one of the issues we are investigating, the randomness of this act," Atlantic County Prosecutor Ted Housel said Sunday during a press conference.
The grim discovery follows the arrest two days ago of Craig Arno and Jessica Kisbee whom police had charged with kidnapping,and who may now face murder charges.
According to investigators, Arno and Kisbee, driving a silver Toyota, approached Caballero in a self-park garage near the Trump Taj Mahal in Atlantic City at 10:30 the night of Friday, May 21st.
There, police say, the pair carjacked Caballero, who was parking after dropping off his wife and daughter at a birthday party.
When he never showed at the party, his family grew anxious and alerted police.
Investigators quickly discovered Caballero's car, a 2009 Lincoln, some 50 miles away in Blackwood, Camden County where it had been set ablaze.
Further investigation showed his bank card had been used twice; his account was robbed of $300.
Police say the man seen behind the wheel in a surveillance photo released last week is Craig Arno.
Kisbee, investigators allege, bought $5 worth of gas, which they believe was used to set the Lincoln on fire.
"My condolences go out to the family. I had been so hoping that this would not be the case, that we might find him somewhere alive," Housel said.
Caballero's family spent the last several days handing out flyers and pictures of the 47-year-old hoping he'd be found alive.
Now, as they await identification police say is all but certain, they are seeking some sort of explanation as to why their loved one would be targeted in a deadly, and seemingly random, crime.
