We have two positive integers both less than $1000$. The arithmetic mean and the geometric mean of these numbers are consecutive odd integers. Find the maximum possible value of the difference of the two integers.
1. Let the two positive integers be \( a \) and \( b \) with \( a > b \).
2. The arithmetic mean (AM) of \( a \) and \( b \) is given by:
   \[
   \text{AM} = \frac{a + b}{2}
   \]
3. The geometric mean (GM) of \( a \) and \( b \) is given by:
   \[
   \text{GM} = \sqrt{ab}
   \]
4. According to the problem, the AM and GM are consecutive odd integers. Let the AM be \( 2k + 1 \) and the GM be \( 2k - 1 \) for some integer \( k \).
5. Therefore, we have:
   \[
   \frac{a + b}{2} = 2k + 1 \quad \text{and} \quad \sqrt{ab} = 2k - 1
   \]
6. From the first equation, we get:
   \[
   a + b = 4k + 2
   \]
7. Squaring the second equation, we get:
   \[
   ab = (2k - 1)^2 = 4k^2 - 4k + 1
   \]
8. We now have the system of equations:
   \[
   a + b = 4k + 2
   \]
   \[
   ab = 4k^2 - 4k + 1
   \]
9. To find \( a \) and \( b \), we solve the quadratic equation:
   \[
   t^2 - (a + b)t + ab = 0
   \]
   Substituting the values from the system of equations, we get:
   \[
   t^2 - (4k + 2)t + (4k^2 - 4k + 1) = 0
   \]
10. The roots of this quadratic equation are \( a \) and \( b \). Using the quadratic formula:
    \[
    t = \frac{(4k + 2) \pm \sqrt{(4k + 2)^2 - 4(4k^2 - 4k + 1)}}{2}
    \]
11. Simplifying inside the square root:
    \[
    (4k + 2)^2 - 4(4k^2 - 4k + 1) = 16k^2 + 16k + 4 - 16k^2 + 16k - 4 = 32k
    \]
12. Thus, the roots are:
    \[
    t = \frac{(4k + 2) \pm \sqrt{32k}}{2} = 2k + 1 \pm \sqrt{8k}
    \]
13. Therefore, the values of \( a \) and \( b \) are:
    \[
    a = 2k + 1 + \sqrt{8k} \quad \text{and} \quad b = 2k + 1 - \sqrt{8k}
    \]
14. To maximize the difference \( a - b \), we need to maximize \( 2\sqrt{8k} \):
    \[
    a - b = 2\sqrt{8k} = 4\sqrt{2k}
    \]
15. Since \( a \) and \( b \) are both less than 1000, we need:
    \[
    2k + 1 + \sqrt{8k} < 1000
    \]
16. Solving for \( k \):
    \[
    2k + 1 + \sqrt{8k} < 1000
    \]
    \[
    \sqrt{8k} < 999 - 2k
    \]
    \[
    8k < (999 - 2k)^2
    \]
    \[
    8k < 998001 - 3996k + 4k^2
    \]
    \[
    4k^2 - 4004k + 998001 > 0
    \]
17. Solving this quadratic inequality for \( k \), we find the maximum integer value of \( k \) that satisfies the inequality. After solving, we find \( k = 120 \) is the maximum value that satisfies the conditions.
18. Substituting \( k = 120 \) back into the expressions for \( a \) and \( b \):
    \[
    a = 2(120) + 1 + \sqrt{8(120)} = 241 + 31 = 272
    \]
    \[
    b = 2(120) + 1 - \sqrt{8(120)} = 241 - 31 = 210
    \]
19. The difference \( a - b \) is:
    \[
    272 - 210 = 62
    \]

The final answer is \(\boxed{62}\).