Both are due to appear at Derry Magistrates’ Court on Wednesday 20th November for a first remand hearing.
As is normal procedure, all charges will be reviewed by the Public Prosecution Service.
A 40 year old woman also arrested as part of the investigation remains in police custody at this time.
Inspector Pearce said: “Shortly after 8:05pm on Monday, November 18, officers observed a man and a woman acting suspiciously at the Strand Road area.
“Both attempted to avoid police and were stopped and detained under the Misuse of Drugs Act.
“Following a search of both persons, a quantity of suspected Class A controlled drugs and Class B controlled drugs with an estimated street value of £500 along with drugs paraphernalia were recovered.
“The man, aged 39 years old and the woman aged 36 years old were arrested on suspicion of drugs related offences.
“As a follow-up search was being conducted at residential premises at the Cityside area of Derry/Londonderry on Tuesday 19th November, a 40 year old woman attended the property was also searched under the Misuse of Drugs Act.
“A suspected quantity of both Class B and Class C controlled drugs with an estimated street value of £100, drugs paraphernalia and other items were seized as part of this proactive policing operation.
“We are committed to tackling the illegal supply and use of drugs, and will continue to investigate those who profit from the consequent misery and harm.
“Our investigation is ongoing and I would ask any member of the public who has any information which could be of assistance to contact police on non-emergency number 101.
“Alternatively, information can also be provided to the independent charity Crimestoppers on 0800 555 111 which is 100% anonymous and gives people the power to speak up and stop crime.”