The two leaders did not issue any statements after the meeting, but their representatives remained closeted for further discussions.
An opposition rally had been planned for Saturday afternoon, but Rajoelina told his supporters to disperse.
A march on the presidential palace earlier this month led to the deaths of 28 people after security forces opened fire.
A total of 125 people have died in the unrest since the January.
Rajoelina, the former mayor of Antananarivo, says that Ravalomanana is a dictator who is starving his people.
The unrest has adversely affected the country's tourism and mining industries.
Analysts say that a power-sharing deal may now be struck, since Rajoelina is getting increasingly popular with the masses.