Police said a grey Holden Commodore and a black Ford Focus were seen travelling north at a high speed on the Hume Fwy near Wallan about 1.30am.
Officers attempted to intercept the vehicles near Arcadia on the Goulburn Valley Hwy before the drivers sped off, police said.
Tyre deflation devices were successfully deployed on the bridge at Seven Creeks near Shepparton Greyhound Track at Kialla.
Both vehicles were followed and intercepted by police on Balaclava Rd, in Shepparton.
Police said two women left their cars and were arrested at the scene.
A search of the vehicles revealed drugs and cash, police said.
Officers conducted a search of the Holden sedan and located an unidentified alleged explosive device, which was later deemed safe by the Bomb Response Unit.
There were no reported injuries.
A Shepparton woman, 30, and a Wallan woman, 28, have both been charged with dangerous driving while pursued, fail to stop on police direction, driving in a dangerous manner, and driving at a dangerous speed.
The Shepparton woman was also charged with unlicensed driving, and other explosives and driving-related offences.
The Wallan woman was also charged with possessing drugs, and driving while disqualified.
The pair will face Shepparton Magistrates’ Court.
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