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The theory stems from a number of UFO sightings near the Solomon Islands, with witnesses claiming the UFOs appear to rise out of the surrounding ocean where warships sank during World War Two before vanishing into a remote island lake.
The theory was discussed on the History channel's Ancient Aliens show, which looks at 'the most credible alien evidence here on Earth'.
Author Andrew Collins said on the programme: "There have been reports that objects, strange lights, actually rise up out of the waters into the air and move about for a period of time and then disappear.
"And often this is either witnessed from the beach or is experienced close hand by fishermen, and it said that sometimes these objects come so close that the fishermen can actually feel the heat as they pass."
Fellow author Mike Bara added: "There have been sightings of flying saucers appearing over the wreckage flying into and out of mountains in volcanoes in the area.
"So the whole area is really pretty interesting."
Another commentator on the show said the UFOs are often sighted in the ocean, as well as the sky.
He said: "People often talk about seeing light not only in the sky, but in the ocean as well, that you see lights in the ocean.
"And then you see lights flying past overhead as well, and sometimes crashing into the ocean. Like a plane crash."
The sightings have led some to conclude that aliens might have underwater bases in the area - and you might not want to cross paths with the mysterious life forms either.
Tim Swartz, editor of Conspiracy Journal, said: "There are numerous accounts of abductions, people who disappear after coming into contact with these UFOs, never to be seen again."
You can watch a clip from the episode here:
If outlandish theories like this get you excited, then you might want to check out Ancient Aliens.
A synopsis of the show reads: "Stephen Hawking once said, 'Where there is life, there is hope.' Is there really life on other planets? And if so how long has it been there for?
"Ancient Aliens examines 75 million years of the most credible alien evidence here on Earth: from the age of the dinosaurs, to ancient Egypt, to the skies over the western desert in the present day US, ancient cave drawings of strange creatures, an asphalt-like substance in an Egyptian pyramid made from the remains of unidentified creatures, continued mass sightings in the USA."
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