Beilinson [Higher regulators and values of L-functions, Itogi Nauki i Tekhniki Seriya Sovremennye Problemy Matematiki Noveishie Dostizheniya (Current problems in mathematics), vol. 24 (Vserossiisky Institut Nauchnoi i Tekhnicheskoi Informatsii, Moscow, 1984), 181–238] obtained a formula relating the special value of the L-function of H2 of a product of modular curves to the regulator of an element of a motivic cohomology group, thus providing evidence for his general conjectures on special values of L-functions. In this paper we prove a similar formula for the L-function of the product of two Drinfeld modular curves, providing evidence for an analogous conjecture in the case of function fields.