Police in the CBD observed a Mercedes sedan run a red light at the corner of Russell and Little Collins Streets about 2.20pm.
The vehicle was intercepted a short distance away and the two male occupants were spoken to.
A search of the car was conducted, and police subsequently located a large quantity of cash and a large quantity of what is alleged to be cocaine.
A 22-year-old Cardinia man a 23-year-old Narre Warren man were arrested at the scene.
Both men are being interviewed and are expected to be charged in relation to a commercial quantity of drugs.
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