Picasso's Minotaur, Drinker and Women was found wrapped in paper in a wooded area on the side of a highway near Sao Paulo, where it had apparently been abandoned by the thieves, said police inspector Aldo Galeano.
Galeano said experts have confirmed the authenticity of the print.
On June 12, three robbers stole Minotaur, Drinker and Women, along with the Picasso print The Painter and the Model, from Sao Paulo's Estacao Pinacoteca Museum.
The thieves also took the paintings Women at the Window by Emiliano DiCavalcanti and Couple by Lasar Segall.
The works are estimated to be worth 1 million Brazilian reals ($NZ898,972).
Three suspects were arrested after the other three works of art were recovered last month. Galeano said police are still looking for three more people believed to have been involved in the robbery.
The June robbery was the second high-profile art theft in Sao Paolo in less than a year.
In December, the paintings Portrait of Suzanne Bloch by Picasso and O Lavrador de Cafe by Candido Portinari, an influential Brazilian artist, were stolen from the Sao Paulo Museum of Art by three men who used a crowbar and car jack to force open a steel door.
