Officers executed a search warrant at a home in the quiet suburb of Westmeadows, northwest of Melbourne, on Saturday, where they made the grim discovery and arrested a man.
While the remains are yet to be formally identified, in the hours following the discovery, a close friend, who had organised a fundraiser on behalf of the family, provided an update.
The family had been fiercely searching for Mr Bishop who was last seen by his housemate on Lalor Crescent in Sunbury, in the city's northwest, on May 27.
"With the heaviest hearts, we share that our beloved Joshua Bishop has been found — but sadly, not in the way we had hoped. We are devastated and struggling to find the words," Daniel De Vivero wrote.
"Your incredible support, generosity, and compassion throughout this heartbreaking time have meant more than we can express. The Bishop family has felt truly surrounded by love through every moment of this journey."
"Rest in peace, Josh. You are deeply loved, and you will never be forgotten."
Mr Bishop was reported missing on May 29 by his mother, after he failed to access his phone or bank accounts.
Weeks after his disappearance, his parents made an emotional plea for their son's return, urging anyone with information to come forward.
They described his disappearance as completely out of character.
The home on Erinbank Crescent, where the remains were found, is just kilometres from Broadmeadows Valley Park, where Mr Bishop's phone had last been traced.
Detectives arrested a 27-year-old Westmeadows man, who is expected to be interviewed in relation to the remains.
Their investigation remains ongoing.
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