The exchange, the fourth between Hezbollah and Israel in recent years, took place at Naqoura on the Mediterranean coastline on the heavily guarded border.
An Israeli military vehicle carrying the bodies of the Lebanese crossed into the no man's land along the border at sundown and returned shortly afterward, crossing paths with Lebanese ambulances headed the other way.
The statement from Olmert's office said that in addition to the body of an Israeli who drowned in Lebanon nearly three years ago, "Hezbollah gave Israel additional information about another affair, and it will be checked soon." It did not elaborate.
Israel handed over the bodies of two militants killed in the war last summer and a captive Hezbollah guerrilla, who was released for medical reasons, the statement said.
The state-run news agency in Beirut identified the freed Hezbollah guerrilla as Hassan Naim Akil, who was captured during last year's war. He was brought across the border in a black Mercedes.
Israeli Foreign Ministry spokesman Mark Regev said, "We believe that this is an example of what a future deal with the Hezbollah would look like that will bring about the release of all the Israelis held in Lebanon. I would like to thank the UN and the International Red Cross who helped make this happen."
Former Israeli Deputy Defense Minister Ephraim Sneh said the the significance should not be exaggerated, but "it is important that a route of communication has been opened."
Haim Malka, deputy director of the Middle East program at the Center for Strategic and International Studies in Washington, said the exchange would "likely set the stage for a more extensive swap," including the two captive soldiers.
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