A Shoalhaven woman was "shocked and horrified" after she found her horse Banjo "covered in ants" and sexually assaulted.
After rain flooded her horses' paddock on Sunday, February 9, owner Sandra Clark and her husband went to check on the animals Monday morning.
When she arrived, she thought Banjo was stuck on a fence.
After she rushed to help him it was clear something more sinister had happened.
"He was covered in ants and tied to the fence post," she said.
"He was panicked ... there were used condoms on the ground and bottles of alcohol, and what looked like baby oil under his tail.
"It was too weird to believe."
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Ms Clark and her husband found another of their horses, Yogi, on the ground with his legs tied together.
Ms Clark contacted the police. Inspector Ray Stynes confirmed police were investigating.
He said officers had taken a number of exhibits from the scene and sent them for analysis.
Ms Clark said the horses were physically "OK" at this stage. She and her husband now check on them several times a day, and the horses stick to them "like glue".
She hopes anyone with dashcam footage of the area between the Bewong truck stop and Wandandian petrol station taken on Sunday, February 9 or Monday, February 10 will share it with police.