The 63-year-old, who was not identified, was arrested after arriving from Sao Paulo in Brazil on Tuesday, the Customs and Excise Department said in a statement.
He was found to be carrying nearly two kilograms (more than four pounds) of the drugs in his "specially made underpants and a pair of shoes", it added.
The haul was worth an estimated HK$2.2 million ($284,000), according to the department, adding that the man would appear in court on Thursday to face drugs-trafficking charges.
He faces a maximum sentence of life imprisonment and a fine of HK$5 million if convicted.
The southern Chinese city made its biggest ever cocaine bust last September after seizing more than half a tonne of the drug. Eight people from the United States, Colombia and Mexico were detained.
Brazilian authorities said last year they would spend $2.2 billion to crack down on drug trafficking, particularly in border areas.