The two foreign nationals, from Rwanda and Cameroon, both 27 years of age, were arrested on Friday by Athens security police after a counterfeit 50 euros bill was found on each of them.
The two detainees led police to an apartment in Galatsi, which has been turned into a counterfeiting laboratory.
In the apartment, police found and confiscated a total of 1,115,190 euros in counterfeit banknotes of 20, 50, 100, 200 and 500 euro denominations, and a further 40,000 dollars in counterfeit banknotes of 50 and 100 dollar denominations.
The further found and confiscated fully equipped printers, a large quantity of isometric paper cut into banknote size, eight glass containers of chemicals used for the processing of bills, cutting equipment and three cell phones.
The two detainees were due to be led later Saturday before a public prosecutor on charges of multiple counts of money forgery.