Kokomo police Maj. Brian Seldon says authorities went to the home of 51-year-old Walter Logan of Kokomo on Sunday and found Shipps's badly decomposed remains in a basement freezer.
Shipp's mother only reported her son missing a day earlier, although she told police she hadn't heard from him since Nov. 8.
Authorities say the freezer was not plugged in and the body was intact. Coroner Jay Price said the cause and time of death are still under investigation.
Logan was being held on a preliminary murder charge.