"They were arrested because they documented a taboo topic regarding crimes committed against Rohingyas," said Wojciech Tochman, a Polish reporter who headed the jury for the UNESCO prize.
The Guillermo Cano prize, named for a Colombian journalist gunned down in Bogota in 1986, will be awarded on May 2 at a ceremony in Ethiopia on the eve of World Press Freedom Day.
Rights groups have denounced the jailing of the two Myanmar nationals as an attempt to muzzle criticism of the government's treatment of the Rohingya minority.