The existence of compacton matter waves in binary mixtures of quasi one-dimensional BoseEinstein condensates in deep optical lattices and in the presence of nonlinearity management, is first demonstrated. For this, we derive an averaged vector discrete nonlinear Schrödinger equation (DNLSE) and show that compacton solutions of different types can exist as stable excitations. Stability properties are studied by linear analysis and by direct numerical integrations of the DNLSE system and their dependence on the inter-and intra-species scattering lengths, investigated. We show that under proper management conditions, compactons can be very robust excitations that can emerge spontaneously from generic initial conditions. A possible experimental setting for compacton observation is also discussed.