Border Force officers allegedly found the illicit drugs on Friday after selecting two men, both aged 21, for a baggage examination following their arrival at Sydney
They allegedly found 20kg of a white substance in each of the men's suitcases.
The drugs have an estimated street value of $A13 million (NZ$14.7m).
If it had reached the community had the potential to equate to 130,000 street deals, Australian Federal Police and Australian Border Force said.
The men appeared before Parramatta Local Court on Saturday charged with importing and possessing a commercial quantity of a border controlled drug.
The offences carry a maximum penalty of life imprisonment.
Both men were remanded into custody to appear again in court in December.
Federal Police detective acting superintendent Stuart Millen said the arrests were part of efforts to disrupt international drug-trafficking chains.
