"Nationalist flags, symbols and pictures of those who have nothing to do with football but may provoke anger of the other side, like pictures of Karadzic, will be confiscated from fans before they enter the stadium," said police spokesman Magbul Skoro on Tuesday.
"We warn fans to take only official flags and symbols with them."
He described the match on 9 October as a "high risk event," without revealing the number of police officers to provide security.
Prospects for violence during the match are high as fans of Bosnia and Serbia-Montenegro - then called Yugoslavia - clashed after the first friendly played in Sarajevo two years ago.
Policemen faced the brunt of
violence in 2002 match
Nineteen policemen and several fans were hurt after the match in the mainly-Muslim capital as police tried to prevent fans of the Bosnian team and Bosnian Serbs, who came to Sarajevo to cheer Yugoslav players, from clashing.
At the time Yugoslav supporters were carrying posters with Karadzic's photo and chanted his name.
Relations between the two neighbours have been strained since the brutal 1992-95 war that broke out when Bosnia proclaimed independence from the Serb-dominated Yugoslav federation.
Bosnian Serbs, who opposed the move, were backed during the war by the government of former Yugoslav president Slobodan Milosevic, currently on trial before the UN war crimes tribunal for genocide and crimes allegedly committed during the Balkan wars.
"We warn fans to take only official flags and symbols with them"
police spokesman, Sarajevo
Bosnian Serbs were expected to attend Saturday's match to support Serbia-Montenegro, underlining the still deep ethnic divisions in Bosnia.
Karadzic, still considered a hero by most Bosnian Serbs, has been indicted by the UN tribunal for war crimes and genocide committed during Bosnia's war.