The bodies of Hema, 43, and the 65-year-old lawyer, were recovered last evening close to a drain in suburban Kandivali, Deputy Commissioner of Police (Detection) Dhananjay Kulkarni said.
The bodies, with their hands and legs tied, were stuffed inside cardboard boxes before being wrapped in plastic sheets that were sewn up.
A case of murder has been registered against unknown persons and bodies sent for post-mortem examination, said Chimaji Aadhav, senior inspector of Unit 11 of the Mumbai crime branch.
The bodies were recovered last evening and identified, sources said.
The Baroda-born artist was estranged from her husband Chintan, also an artist, and the couple had filed for divorce.
Hema had in 2013 filed a harassment case against Chintan, alleging he painted obscene pictures of women on the walls of their matrimonial home in Mumbai. Bhambani had appeared for her in the case.