Environmental officials said the release of the frogs into Israel's environment could have been catastrophic.
The smuggler and accomplice arrived at Israel's Ben Gurion Airport this week from the Netherlands, broadcaster Arurtz Sheva reported.
The pair tried to bring the frogs into the airport, but officials stopped the suspects before they left the customs inspection area.
Officials are questioning the suspects and charges will likely be levied, officials said.
The frogs are in high demand by collectors due to their small size and colorful hue. They are sold in Europe for $150 per frog, Arutz Sheva reported.
But if they were released into the environment, the frogs would quickly reproduce, become a dominant species, and could destroy local varieties of fish, plants and amphibians, environmental officials said.