The woman was among four people fishing when their 21-foot boat was capsized by a wave at approximately 10:30 a.m., August 27.
They said four people were reportedly on the boat at the time.
Involved in the search were the Maine Marine Patrol, the U.S. Coast Guard, the Scarborough Fire Department, the Biddeford Pool Police Department, and the Saco Fire Department.
The Coast Guard says the boat capsized after it took a wave off the stern.
Nichols says one of the survivors fired a handgun that a nearby boater heard, coming to their aid. Three people were uninjured when rescue crews arrived, but a fourth passenger, identified only as an adult woman remained unaccounted for.
The Coast Guard dispatched a lifeboat as well as two air units. He says the boat was near Tanners Ledge, which may have played a role in the accident.
The woman’s body was found around 2 p.m. Sunday by Maine Marine Patrol divers, Petty Officer Andrew Barresi said.