Police said an officer stopped a vehicle for speeding northbound on Highway 11 about 1:30 p.m.
Fifty one-kg bricks of cocaine were seized along with burner phones and about $3,600 in cash, police said.
Jitpartap Singh Bhatti, 24, and Harmdeep Sandhu, 30, both from Brampton, Ont., were arrested and charged with trafficking cocaine.
Sandhu is also charged with possession of proceeds of crime.
Both appeared in Moose Jaw provincial court on July 7 and released on strict conditions. They are scheduled to return to court on July 27.
Members of the federal serious and organized crime team south assisted Craik RCMP in the investigation, which is ongoing.