Counties Manukau South Area Commander Inspector Joe Hunter said the women were found in possession of 44 forged $50 notes and five forged $5 notes.
He said the pair were taken into custody following a string of incidents involving a stolen car - starting on 25 September when the driver of a stolen vehicle drove off without paying for petrol in East Tāmaki.
Hunter said the vehicle was next spotted by police on 17 November in Pukekohe.
"One of our police units stopped the same stolen vehicle in a car park and found the two alleged offenders inside."
"The vehicle had an illegal, manufactured registration plate, and the plate of another vehicle attached."
Hunter said police found drug paraphernalia, a small quantity of methamphetamine and counterfeit notes.
He said police have recently received a handful of complaints from retailers in the wider Pukekohe area who had been presented with forged or counterfeit banknotes.
The two women, aged 39 and 35, were due to appear in the Pukekohe District Court on Wednesday.
Police said anyone who has been given counterfeit banknotes should report it to police as soon as possible.
"If you believe someone is trying to pass you a counterfeit note, do not accept it," a spokesperson said.
"If you find you've already received a counterfeit note, put it in an envelope to avoid handling it further and get in touch with police."
The Reserve Bank has an online guide on how to spot counterfeit notes.
