Police said the bust happened after members of the drug unit spotted a transaction happening in the 500 block of 5th Avenue North.
A 29-year-old man was arrested and police said a search turned up 0.8 grams of meth, bear spray and $3,600 in cash.
Detectives then arrested a 29-year-old woman and seized 696.5 grams of meth and drug-related paraphernalia during a search of a home in the same block, police said.
Both are charged with meth trafficking.
The man is also charged with possession of meth for the purpose of trafficking, possession of a weapon for a dangerous purpose and breach of a court order.
They were scheduled to appear in Saskatoon provincial court on Friday morning.