The Twin Oceans operation dismantled the cartel led by Colombian Pablo Rayo-Montano, considered one of the world's leading drug dealers.
"The Rayo-Montano organisation had its own private navy to run a drug business that was nearly as sophisticated as a small nation," said US Drug Enforcement Agency chief Karen Tandy.
Rayo-Montano was arrested in Sao Paulo, Brazil on Tuesday. "This morning, his real estate holdings went from three islands to one jail cell," said Tandy.
The drug baron and 31 of his associates were indicted in Miami, though some are still on the run. Twenty-one of the Miami defendants are under arrest, some in the United State and other in Latin American countries.
Colombian police said that a total of 38 people were captured, 10 in Brazil, 14 in Colombia, one in Costa Rica, seven in Panama and six in the United States.
Authorities seized three islands off the coast of Panama owned by the Rayo-Montano organisation, as well as US$1.5 million in cash and bank accounts, US$4 million in art work and three yachts.
The US Justice Department said another US$70 million worth of assets, including yachts, fishing trawlers, art galleries and other businesses would be seized.
Authorities in Argentina, Costa Rica, Brazil, Ecuador, Mexico, Panama, Spain, the United Kingdom and Venezuela participated in the crackdown, alongside US law enforcement officials.