Two bodies have been found on a remote property in South Canterbury during a charity motorcycling event.

An investigation is under way following the discovery of the bodies on a property in the Waitaki Valley, near Waimate, police said.

Waimate Main School principal Adam Rivett told Radio New Zealand the school organised the event and two riders found the bodies just before midday on Sunday.

Mr Rivett said the bodies were found in an area of thick bush off the track.

More than 300 people were competing in the charity event, which was subsequently cancelled, he said.