The bodies of 21 Pakistani soldiers kidnapped on December 27 were found about 4 kilometers from the place they were captured.
Authorities located the bodies of the slain security officers outside two camps near Peshawar, the main city in northwest Pakistan and close to the restive tribal areas bordering Afghanistan.
The men were kidnapped after some 200 militants armed with rocket-propelled grenades and automatic weapons stormed their paramilitary camps on December 27.
One man survived the attack uninjured.
Local official Habibullah Arif told RFE/RL's Radio Mashaal a second officer was found badly wounded and had been moved to a hospital.
"Local people and our staff found and took him to hospital. I have visited him in the hospital. He is in critical condition," Arif said. "Let's pray for him to survive."
A local government official, Naveed Akbar, told AFP the 21 men were killed after the breakdown of negotiations between a local council of tribal elders and Taliban militants about their release.
Another Pakistani government official, Gul Shehzad, said the hands of the soldiers were tied with rope before they were shot.
The Taliban have not yet commented on the killings.
Based on reporting by AP and AFP