Officials said on 24 October that the grave is located in the village of Snagovo, about 50 kilometers north of Srebrenica. It was found after experts received a tip from an undisclosed source.
Some 15 skeletons surfaced when bulldozers removed a layer of soil from the top of the grave.
Exhumation work is expected to take two weeks.
It's the second mass grave found in the village. A previously exhumed site contained about 100 bodies, also believed to be those of Srebrenica victims.