The accused were intercepted by customs officials after their arrival from Hong Kong yesterday.
"The passengers attempted to clear the gold weighing seven kgs clandestinely out of IGI airport," a press release issued today by the customs said.
They tried to conceal the gold in the thigh guards worn by them, it said, adding, the value of the yellow metal was appraised to be about Rs 1.75 crore.
One of the accused has a UK passport and the other hails from Amritsar in Punjab. They have been arrested and the gold has been seized, the release said.