A drug syndicate leader and his runner were nabbed with about 1.1 kg of 'Ice' by Central Narcotics Bureau (CNB) officers during an operation on Tuesday.
The bureau said in a statement on Wednesday that the operation was targeted at a syndicate that had been actively distributing Ice - a methamphetamine - in Singapore.
The amount of Ice seized during the bust has a street value of about $165,000 and would be enough to sustain about 629 abusers for a week, said a CNB spokesman.
If convicted in court, both may face the death penalty.
The two Singaporeans, aged 38 and 40, were arrested at the lobby of a hotel in the city area at about 6.10pm on Tuesday. The men were then brought to their hotel room where the drugs were found.
CNB had earlier established that the suspects, who are now being investigated for drug trafficking, had been hiding in the hotel. They had intended to distribute the drugs in Singapore.