Nasser bin Amiq Ali al-Inzi was convicted of trying to smuggle "a large amount" of amphetamines into the country, the interior ministry said in a statement carried by the official Saudi Press Agency.
He was beheaded in the northern Jawf region.
Last Friday authorities carried out the death sentence on another Saudi, also found guilty of amphetamine smuggling.
The interior ministry said last week that authorities had seized more than 41 million amphetamine tablets during the Islamic calendar year that ended in October.
Rape, murder, apostasy and armed robbery are also punishable by death under the kingdom's strict version of Sharia law.
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