National Park Service employees found the body at about 11 a.m. and believe the victim was one of four men aboard the capsized boat, Lt. j.g. Laura Williams said.
The Marin County coroner's office responded, but the identity of the third fisherman has not been released.
Two other bodies were recovered soon after the 24-foot, yellow hull vessel capsized at about noon Wednesday, and the fourth fisherman is still missing.
The Sonoma County coroner's office earlier today identified the two recovered boaters as Melvin Pierce Cox Jr. 67, of Imboden, Ark., and Henry Medrano, 62, of Riverbank.
They were taken aboard a Coast Guard lifeboat soon after the boat capsized and pronounced dead at 12:54 p.m. at the Coast Guard station in Bodega Bay.
Neither man was wearing a life jacket, the Coast Guard said.
Rescuers spotted one of the other two fishermen in high surf not far from shore Wednesday but were unable to recover him.
The Sonoma County Sheriff's Office said the boat capsized about 150 yards offshore.
Debris from the capsized boat washed ashore along Ten Mile Beach.
The Sonoma County Sheriff's Office, Marin County Fire Department, and personnel from the National Parks Service and Air National Guard joined the 10-hour search Wednesday for the missing men, Williams said.
The Coast Guard suspended the search around 11 p.m. Wednesday.