The fossil was found at Malapa, in the Cradle of Humankind World Heritage Site, the same site where the partial skeletons of the new early hominin species, Australopithecus sediba, were discovered in 2010.
"Baboons are known to have co-existed with hominins at several fossil localities in East Africa and South Africa and they are sometimes even used as comparative models in human evolution," said Dr Christopher Gilbert from Hunter College, The City University of New York, who discovered the fossil along with colleagues from University of the Witwatersrand.
Modern baboons (genus Papio) are typically divided into a number of populations recognised as either species or subspecies spread all throughout sub-Saharan Africa and into the Arabian Peninsula.
Despite their evolutionary success, modern baboon origins in the fossil record have not well-understood or agreed upon.
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"According to molecular clock studies, baboons are estimated to have diverged from their closest relatives by 1.8 to 2.2 million years ago; however, until now, most fossil specimens known within this time range have been either too fragmentary to be definitive or too primitive to be confirmed as members of the living species Papio hamadryas," said Gilbert, lead author of the study.
Analyses of the specimen at Malapa, and the group of fossil specimens traditionally placed in the fossil species P angusticeps, suggest that P angusticeps displays anatomy that is consistent with modern baboon populations.
"If you placed a number of P angusticeps specimens into a modern osteology collection, I don't think you'd be able pick them out as any different from those of modern baboons from East and South Africa," said Gilbert.
The research was published in the journal PLOS ONE.