Police have seized around $1.6 million in cash after stopping a hire car in Perth's CBD.

Two suitcases containing about $1.6 million was found when the car was searched around 6.45pm on Tuesday, police say.

The $1.6 million cash WA Police seized in the CBD.

Two Victorian men, a 29-year-old from Carnegie and a 33-year-old man from Vermont South, were charged with unlawful possession of money.

The men are due to appear in the Perth Magistrate's Court on August 30.

The arrest was part of the WA Police Proceeds of Crime Meth Money Team and the Australian Criminal Intelligence Commission.

"We actively target meth dealers in our community and the profits that they make without concern for the damage they cause, and these efforts resulted in this significant seizure," Serious and Organised Crime Detective Inspector Shaun Miller said.