Customs and Border Protection frisked the two men from Taiwan on Saturday after they arrived in Sydney on a flight from Hong Kong.
The agency says officers found 1.5kg of drugs concealed in the men's shoes.
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The passengers and drugs have been referred to the Australian Federal Police for investigation.
Customs and Border Protection National Manager, Airport Operations, Craig Sommerville, says Australia has strict controls on the importation of illegal substances.
“These substances pose a great risk to the Australian community. This seizure illustrates again the effectiveness of the good work being done by our officers at Sydney International Airport in protecting our border,” Mr Sommerville said.
For seizures of this size, the penalty can include a fine of up to $550,000 and/or 25 years in prison.
