The volume of a cylinder is given by:
\[
V = \pi r^2 h,
\]
where \( r \) is the radius and \( h \) is the height.
The ratio of volumes of the two cylinders is:
\[
\frac{V_1}{V_2} = \frac{r_1^2 h_1}{r_2^2 h_2}.
\]
Given \( \frac{r_1}{r_2} = \frac{2}{3} \) and \( \frac{h_1}{h_2} = \frac{5}{3} \),
the ratio of volumes becomes:
\[
\frac{V_1}{V_2} = \left(\frac{2}{3}\right)^2 \times \frac{5}{3} = \frac{4}{9} \times \frac{5}{3} = \frac{20}{27}.
\]
Thus, the correct answer is \( 27 : 20 \).