By providing two separate and independent locking system formed in a single padlock construction which is employed for securely holding and locking zipper pull tabs, an effective, easily produced, padlock is achieved which is responsive to both a combination controlled locking system and a key controlled locking system for independently enabling the zipper pull tabs to be released and/or lockingly engaged in response to the activation of either locking system. In the present invention, an easily assembled, compact, highly efficient dual mode, zipper pull locking system is achieved by employing a pair of spring biased locking latch members which are constructed for being inserted in the apertures formed in each of the conventional zipper pulls/tabs employed on luggage, briefcases, and the like.