The massive and mysterious 'anomaly' is believed to be lurking beneath the frozen wastes of an area called Wikes Land.
The area is 151 miles across and has a minimum depth of approximately 2,700 feet.
Some scientists believe that the object is the remains of a gigantic asteroid, more than two times the size of the Chicxulub space rock that led to the extinction of dinosaurs.
If this theory is correct, it could mean that this killer asteroid caused the Permian-Triassic extinction event, which resulted in the demise of 96 percent of Earth's sea creatures, and up to 70 percent of the vertebrate animals living on land.
However, some people on the internet have put forward their theories, with some claiming it could be a massive UFO base or a portal to a mysterious wonderland called the Hollow Earth.
Called the 'Wilkes Land Gravity Anomaly,' the object was first discovered in 2006 when NASA satellites noticed gravitational changes which indicated the presence of a large object lying in the middle of a 300-mile-wide impact crater.
The internet is now lit up with discussions of the strange discovery after the UFO-hunting crew Secure Team 10 posted a YouTube video about the object.
"To this day, scientists have no idea or way to discover what is buried deep under this thick ice shelf," the video narrator said.
Secure Team also claimed that the US Navy led an expedition to investigate the mysterious object.
However, the scientist who first discovered this anomaly, Ralph Von Frese, believes that the object is evidence of a massive impact crater.
According to the scientist, the Wilkes Land impact is bigger than the one that killed the dinosaurs.