Sydney double murderer back behind bars

A paroled double murderer is back behind bars after cutting his ankle bracelet off and spending 24 hours on the run.

Damien Anthony Peters, who was jailed in 2002 for killing two boyfriends and dismembering their bodies, was caught on a Petersham street on Monday afternoon by plain-clothes officers with dog squad assistance.

He was later transferred to Corrective Services custody.

Police have not laid any charges.

Peters had spent just over a day on the run after cutting his ankle monitor off about 4.15pm on Sunday.

The abandoned monitor was later found in nearby Kensington.

Peters pleaded guilty to murdering and dismembering two male lovers in his Surry Hills flat in 2001 and was jailed in 2002 for 21 years with a non-parole period of 13 years.

Detectives investigating the disappearance of Tereaupii Akai found the remains of one of Peters' other lovers - Bevan James Frost - in the bath at the killers' flat.

When he faced court for the murders it emerged Peters, then 32, had stabbed Mr Akai, 50, twice in the neck before dismembering his body and throwing it in a council bin.

About eight months later, Peters was massaging Mr Frost, 57, when he stabbed him to death and cut up his body.

He was first eligible for parole in September 2014 but was not released until November 2016, a State Parole Authority spokeswoman told AAP.

His sentence would have expired in 2022.

The parole authority, when considering his release, looked at his completion of programs and counselling, day release programs, behaviour in prison and minimum security classification.

He was released under strict conditions that dictated his movements and was ordered to undergo more counselling.

"There was also a need for the offender to have a period of parole supervision prior to the expiry of his sentence in 2022 to facilitate contact with appropriate community support services," the parole authority spokeswoman said.