Shah Faisal Azeem Shah was found guilty of smuggling the drugs hidden in his body, the interior ministry said in a statement reported by the official Saudi Press Agency.
Authorities carried out the sentence against him in the capital Riyadh.
The kingdom resumed executions last week after a pause for the Muslim holy fasting month of Ramadan and the subsequent Eid al-Fitr holiday.
Shah's case brings to 109 the number of beheadings this year in the kingdom, which rights group Amnesty International says is one of the world's most prolific executioners.
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Under the conservative kingdom's strict Islamic sharia legal code, drug trafficking, rape, murder, armed robbery and apostasy are all punishable by death.
The interior ministry has cited deterrence as a reason for carrying out the latest punishment. It has also talked of "the physical and social harm" caused by drugs.
Rights experts have raised concerns about the fairness of trials in the kingdom.