GaMarcus Pollard, a local resident who told authorities of the incident, said he saw the crocodile and body in the water on 134th Street in the area on Friday afternoon.
He told NBC's WFE Network: "I threw a stone at the crocodile just to see if it was really a crocodile, pulled its body as if it was clinging to the bottom of the trunk of the corpse, and went off underwater."
Pollard said he began recording the scene on his cell phone and called authorities.
The Pinellas County Sheriff's Office said in a press release that the crocodile was killed, and the remains of an adult's body were also recovered.
On Saturday, the victim was identified as 41-year-old Sabrina Beckham, and the cause and manner of death are being investigated.
The incident caused panic among residents of the area, with one saying that his sons walk a lot next to the water channel where the crocodile was found, and another pointed out that he takes the same road to work daily.