Kimberly Billy, 19, disappeared in 1984; Joann Hobson went missing in 1985, according to the San Joaquin County sheriff. A third body was also found but was not identified.
The bodies were found after one of the Speed Freak Killers, Wesley Shermantine, who is incarcerated on California's death row, revealed the locations of more bodies.
Investigators believe the two teens were victims of Shermantine and Loren Herzog, who authorities say went on a methamphetamine-fueled killing spree in the 1980s and 90s.
Shermantine is now on death row for four murders. He sent authorities on a massive search last month after he agreed to disclose burial locations in exchange for $33,000 from a bounty hunter.
Sacramento bounty hunter Leonard Padilla is the man who started it all. He paid $33,000 to Shermantine for the information. Shermantine drew maps of where the bodies were buried. Padilla is surprised searchers found anything at Monday's location.
Another victim where authorities found a skull in February was preliminarily identified as belonging to Cyndi Vanderheiden, 25. Other emains found were those of 16-year-old Chevelle Wheeler.
The Associated Press contributed to this report.