The duo were honoured at the Taj Mahal Palace and Tower in Mumbai Wednesday.
Mishra was presented the insignia of "Arts et Lettres" for "his prolific career and invaluable contribution to the development of Indo-French relationships in the field of cinema".
"I was very busy with the post production and editing of 'Yeh Saali Zindagi' (Mishra's upcoming movie) when I received the news. I feel honoured. It is always a nice feeling when your work gets acknowledged. I am ecstatic. This award is special, " said Mishra.
The director is known for making critically acclaimed films like "Is Raat Ki Subah Nahin", "Hazaaron Khwaishein Aisi" and "Chameli".
Mehta, known for making historical films like "Sardar", "The Rising" and "Rang Rasiya", was also honoured for his contribution to cinema and Mishra is very happy for his colleague.
"Ketan Mehta deserves this award completely. I have always admired his work, " he said.