Does this answer your question? The second import does the trick.
Mod_1.py
def test_function():
print "Test Function -- Mod 1"
Mod_2.py
def test_function():
print "Test Function -- Mod 2"
Test.py
#!/usr/bin/python
import sys
import Mod_1
Mod_1.test_function()
del sys.modules['Mod_1']
sys.modules['Mod_1'] = __import__('Mod_2')
import Mod_1
Mod_1.test_function()