Ali Williams and James O'Connor have both been charged by French police following their arrests in the early hours of Saturday morning.
Both were released from custody on Sunday after receiving separate charges; Williams for purchasing the narcotics, while O'Connor was charged for illegal drug use.
According to AFP, Williams tested negative for cocaine, while O'Connor tested positive.
Racing 92, Williams' club, announced that the player had been suspended indefinitely on Saturday after the news first broke. Toulon are yet to make a decision on O'Connor's future with the club.
Both players are due to appear in court.
According to the Huffington Post, two grams of the drug were found after Williams attempted to throw them away. The cocaine was reported sold to the players for 180 euros.