They were stopped by customs and excise officers on San Andres after they arrived by plane from mainland Colombia, the British tabloid The Mirror reported Tuesday.
Police Capt. Oscar Davila said the suspects seemed nervous and their clothing looked odd.
More than 4.4 pounds of cocaine was found strapped to each of the women's legs. They were arrested and jailed on drug trafficking charges, the Mirror said.
San Andres Island is off the coast of Nicaragua, and regarded as a longtime smuggling route for cocaine from mainland Colombia.