John Robertson described how he dragged the large rifle bullets from the bottom of the Union Canal on Saturday afternoon.
He immediately handed the bullets into the local police station at Wester Hailes and the ammunition was subsequently “made safe” by officers.
The find comes just weeks after fellow magnet fisherman James Pearson pulled out a fully intact semi-automatic WW2 rifle from the same body of water.
Both men are members of the Musselburgh Magnet Fishing club and use high-powered magnets attached to a rope to discover and remove metal objects from canals and river beds.
A Police Scotland spokesperson said: “We were made aware of bullets found in the Union Canal in Edinburgh around 12.50pm on Saturday, 18 December, 2021.
“The items were handed into Wester Hailes Police Station and have been made safe.”