The 31 and 45-year-old foreign nationals were charged with conspiring to import the class-A drug after they were apprehended attempting to take drugs off a ship docked at Port Chalmers on Saturday.
The cocaine was seized in the USA in August, a police statement said.
The defendants appeared in the Dunedin District Court this morning and were remanded in custody without plea until later this week.
The identification and arrest of the duo clearly illustrated the cooperation and strong partnerships police had with their international partners in targeting criminal activity at our borders and in the community, and making New Zealand a hard target for organised crime to operate, said Detective Inspector Albie Alexander.
"Operation Port is another example of New Zealand Police and Customs’ commitment to disrupting and dismantling organised drug networks operating in this country and reducing drug harm in our communities," he said.
Customs Investigations Manager Cam Moore said the department would work with police and their international counterparts to detect and put a stop to criminal operations and their proceeds of crime at every opportunity.
Operation Port remained ongoing and police could not rule out further arrests.
