"The Germans abducted last night in the eastern Bekaa Valley were released today," National News Agency (NNA) said.
"After they were freed, a police unit from the Internal Security Force arrested the Germans on charges of drug trafficking, and a search for the abductors is underway," it reported.
A German government spokeswoman confirmed the pair were "now in the hands of the Lebanese police".
"The embassy and the German ministry of foreign affairs are dealing with this case," the ministry spokeswoman told AFP in Berlin.
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The Germans were seized yesterday by unknown gunmen demanding a ransom for their release, in what a security official said appeared to be a criminal rather than a political act.
The official told AFP late yesterday that the abduction was more likely "for financial reasons", adding that a Lebanese man had called a friend of the Germans demanding ransom of USD 8,000.
The Bekaa Valley, on the border with war-hit Syria, is a lawless but fertile region where drug cultivation and trafficking has flourished for years.
During the 1975-1990 civil war, the drug trade grew into a multi-billion dollar industry in Lebanon.
The Lebanese authorities have struggled to eradicate the drug trade and carry out repeated army and police patrols in the region.
Yesterday's kidnapping took place in Shrifa, a Christian village located near areas of the Bekaa where hashish is cultivated.
It was unclear what the Germans were doing in Shrifa, some 15 kilometres from Baalbek, the provincial capital.