The discovery was made by workers conducting routine checks at the dam at around 3.15am.
Springs police spokesman Capt Johannes Ramphora says the workers initially thought the body was a piece of plastic.
When police arrived on the scene, they dispatched the SAPS Diving Unit to retrieve the body
Ramphora says several bullet wounds were visible on the body, but was unable to disclose exactly how many.
Forensic tests will be done to establish the cause of death.
No identification was found on the body and no missing person reports have been filed at the Springs Police Station.
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