Emergency services, including 7 police units and resources from the Isle of Wight Ambulance Service, responded to the scene on Kingston Road shortly after 16:00.
A specialist search advisor from the mainland is in attendance, as are officers from Newport CID.
It is unknown at this time if the incident is connected with a search in Cowes earlier on this afternoon.
UPDATE @ 17:22 – It has been confirmed by Hampshire Constabulary that a body has been discovered.
A spokesperson for Hampshire Constabulary has told Island Echo:
“Police are at the cemetery on Kingston Road, East Cowes, following the discovery of a man’s body.
“The death is not being treated as suspicious at this time and a file will be prepared for the coroner.”