We study the J_{1}-J_{2} Ising model on the square lattice using the random local field approximation (RLFA) and Monte Carlo (MC) simulations for various values of the ratio p=J_{2}/|J_{1}| with antiferromagnetic coupling J_{2}, ensuring spin frustration. RLFA predicts metastable states with zero order parameter (polarization) at low temperature for p∈(0,1). This is supported by our MC simulations, in which the system relaxes into metastable states with not only zero, but also with arbitrary polarization, depending on its initial value, external field, and temperature. We support our findings by calculating the energy barriers of these states at the level of individual spin flips relevant to the MC calculation. We discuss experimental conditions and compounds appropriate for experimental verification of our predictions.