St Johnstone have sacked George O'Boyle and Kevin Thomas after they were reported for using drugs in a Perth bar.
The players were reported to the club and the pair had their contracts terminated for gross misconduct.
O'Boyle and Thomas were at a Christmas party and are believed to have been reported by a club official.
The players had been in discussion with club officials and legal representatives of the players for seven hours today in a disciplinary hearing.
But the club terminated the players' contracts with immediate effect.
"It was alleged that, within licensed premises within Perth, they were in possession of a white substance, possibly cocaine or another illegal substance," said club Managing Director Stewart Duff.
"At the club's inquiry, the allegations were put to both players and as a result of their responses, the disciplinary hearing was held today.
"At today's hearing, it was heard that both were in possession and used an illegal drug in a toilet cubicle at the said premises.
"The club has viewed this as gross misconduct and their contracts of services will be terminated with immediate effect."
Northern Ireland international O'Boyle, 33, has struggled with serious groin and knee injuries for the last two years.
But recently, after surgeons battled to save his career from the injury, O'Boyle required an abdominal operation. He previously played for French side Bordeaux and Dunfermline.
Former Hearts and Morton striker Thomas, 25, was ruled out of the rest of the season after undergoing an operation to repair a cruciate knee ligament.
The player has only started six games since signing from Morton last summer.
Duff claimed that the decision owed much to teaching youngsters of the dangers of drugs and the reputation of the club.
"Scottish football has implemented an anti-doping programme to ensure that players of member clubs are not involved in the use of prohibited substances and St Johnstone Football Club takes a pride in portraying itself as a family club," said Duff.
"In reaching this decision, St Johnstone Football Club is aware of its responsibilities towards its employees and, in particular, to our younger players."
He added: "We also have a responsibility towards the parents of these players who entrust us to look after their sons whilst staying in Perth throughout the week."
Today's hearing at the club's McDiarmid Park ground in Perth was chaired by Jim Donnachie, a non-executive director at the club.
PA