The women, ages 37 and 22, were also carrying the legal limit of currency that visitors are permitted to bring into the country without a declaration, Colombia Reports said.
A spokesman for police said the hidden money "has to be linked" to drug trafficking.
"There is no other explanation for the issue," he said.
An investigation revealed the two women had made 40 visits to Colombia recently with each visit lasting between four and six days.
2014: The Year in Music [PHOTOS]