The 37-year-old Nigerian arrived in the city on a flight from Lagos via Addis Ababa, Ethiopia.
Customs officers intercepted the suspect, who claimed to be a businesswoman and was said to be acting suspiciously, shortly after her arrival on Thursday.
She was taken to Queen Elizabeth Hospital in Yau Ma Tei for a check-up and confirmed to have foreign objects in her body.
Officers first recovered 215 grams of cocaine contained in condoms and plastic bags found in her vagina.
She later discharged 24 capsules of cocaine, each weighing 14 grams, from her body.
The haul, weighing 550 grams in total, was estimated to be worth HK$522,000 (US$66,900).
The authorities said the woman, who was detained for inquiries, may discharge more drugs.
She was later charged with one count of trafficking in dangerous drugs.