The method of dramatic reduction of optical losses in nonohmic conductors, being based on the concepts of nonlinear optics, is proposed. The mechanism responsible for the underlying effect is a result of the two‐wave parametric mixing in a conductive medium. Under certain conditions, the optical‐loss suppression follows from the solution of nonlinear Boltzmann equation combined with Maxwell equations. The phase‐matching conditions for the parametric coupling are formulated and the correlation of these requirements with the optical properties of semiconductors is examined. A specific case that demonstrates that this effect can be realized experimentally in bulk semiconductors, e.g., zinc telluride (ZnTe), within the mid‐IR frequency range, is provided.