The younger brother of Olympic kayaker Nathan Baggaley is one of two men accused of throwing 600 kilograms of cocaine overboard during a dramatic sea chase off the northern NSW coast.

Dru Anthony Baggaley, 36, and Anthony Trevor Draper, 53, appeared on Wednesday at Southport Magistrates Court charged with possessing a commercial quantity of drugs and drug importation. They face potential life sentences if convicted.

Both were charged after Border Force and defence officers tasked with patrolling the coast from the air spotted the men's vessel heading towards the mainland on Wednesday.

When authorities sent a boat to intercept it, it is alleged the pair dumped their drug haul overboard and tried to flee but were caught about 70 kilometres off Byron Bay.

The pair were charged with possessing a commercial quantity of illegal drugs, after authorities fished parcels of cocaine out of the sea.