The unexpected discovery was made when police stopped a car in the city and noticed one of the passengers becoming nervous, Umbria 24 reported on Wednesday.
Italian Nabil Valentin Bahy Barazorda, 23, and 35-year-old Peruvian Jaime Fernando Martinez Cardenas evidently had something to hide.
In the subsequent search police found a black and white carnival mask, a bag concealing cocaine and two religious statues stuffed with the drug.
The total haul amounted to just 500g, but of such a purity that it was thought to be worth €100,000, Umbria 24 said.
The duo were promptly arrested and police are currently investigating the source of the drug, thought to be a South American country.