Two California women allegedly posed as Internal Revenue Service employees in a nationwide phone scam that may have bilked several victims out of nearly a million dollars, police said.

One of the victims received a “cold call” Sept. 4 from someone posing as an IRS agent who threatened to arrest him if he didn’t pay $2,200 in Target gift cards, The Fontana Police Department said Friday.

The victim complied with the caller’s instructions and later alerted the cops.

Investigators traced the gift cards to a Target in the Los Angeles area and used surveillance footage to identify two suspects, Ailing Lu, of Los Angeles, and Ji Hyun Lee, of Gardena, both 25.

Detectives found about $900,000 worth of new electronics, gift cards and other items at two locations and in vehicles linked to the women.

It’s unclear how many of the goods were procured via the scam. Detectives believe there may be more victims.

“It’s apparent these suspects were well organized and preyed on the victims’ fear of arrest across our nation,” Fontana police said.

Both women were arrested Thursday and later released on bail.

Lu was charged with theft by false pretenses and conspiracy to commit crime charges, while Lee was booked on a conspiracy to commit crime charge.