Commission member Murat Hurtic has told Bosnian media the grave is expected to contain several dozen bodies.
This mass grave is in close proximity to another grave from which the remains of 125 persons were exhumed last week alongside the remains believed to be of 73 other persons.
The new grave is not among those whose existence was established by a special commission for the 1995 Srebrenica massacre, which the Bosnian Serb entity government set up under pressure from the international community.
Hurtic has said the discovery of the grave is the result of the work of the Croat-Muslim entity's Missing Persons Commission.
Commission chairman Amor Masovic has raised doubts as to the authenticity of information about new mass grave sites containing the bodies of Srebrenica residents which the Bosnian Serb enity government stated in a report released earlier in the summer.
The Srebrenica commission mentioned at least 32 mass graves in the report, but the examination of some locations, such as Kazani near Srebrenica, has proved some information was incorrect.
A minimum 27,000 persons are believed to have gone missing during the Bosnian war in the 1990s and families are still looking for more than 16,000.