The remains have been lying on the bottom of Lake Vättern in central Sweden since 1918.
Marine archaeologists have made hundreds of dives to analyse the area, but only this summer did they come across skeletal remains that could be those of the ship's crew or captain.
Lotta Mejsholm, one of the lead archaeologists, spoke to The Local about the discovery on Monday.
“It was a very solemn feeling, especially since we had been talking a lot about the captain in our project and that this might be him,” she explained.
“The feeling of being at a scene of an accident where 24 people died is special. You dive with a feeling that you arrived too late, as my colleague Patrik Kumorowski puts it.”
Mejsholm spoke as police divers tried to try and salvage the bones. Under Swedish law, police are responsible for attempting to identify any human remains discovered in the Nordic nation. However their efforts were delayed due to bad weather around the lake, the second largest in Sweden.
Mejsholm said that archaeologists were already fairly certain that the remains were those of at least one crew member although she said tests would need to be carried out to confirm whether or not they belonged to the captain.
“We do not dare to say that before we have made the examination. But the position of the remains indicates that it is from someone that was working on the ship,” she explains.
The full details of the Per Brahe sinking remain a mystery. Captain Boija, who is understood to have been at the helm when the vessel ran into trouble, is currently believed to bear the full responsibility for the acccident which claimed the lives of 24 people.
The most well known person who died in the sinking was the acclaimed Swedish painter and illustrator John Bauer, who had decided to travel to Stockholm on the steamer instead of by train, following a highly publicised rail accident.
Some Swedes argued at the time that the mythical creatures that featured heavily in Bauer's work had played a role in the sink's tragic ending.
Police are expected to resume their excavation of the site later this week, once the weather improves.
Interview by August Håkansson