The French High Commission says the yacht was intercepted by the frigate Prairial about 1,500 kilometres off Tahiti.
It says two men, whose nationality was not given, were detained and will be taken to Papeete where they are expected to be tried.
RNZ reports a customs official said the two tried to sink the yacht to avoid being checked.
The yacht had reportedly sailed from South America.
In February, about 680 kilograms fo cocaine was seized on a yacht in French Polynesia.
Photo file: French navy frigate Prairial