Four men and a woman have been charged over a plot to import more than 100kg of ice and cocaine from Mexico and 500kg of cocaine from Columbia, with a combined street value of $200 million.
"None of the drugs reached Australia's shores," Detective Superintendent Scott Cook, State Crime Command's Organised Crime Squad Commander, told reporters in Sydney on Friday.
The 101kg of ice and cocaine from Mexico has an estimated street value of more than $50 million, while the Columbian shipment of cocaine has a street value of $150 million, police say.
The arrests - three in Sydney and two in Adelaide - were made on Thursday morning, and the men have been charged with various offences.
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The conspiracy was run from Australia, police said.
"The drugs were sourced from Mexico and were to be sourced from Colombia, but this was an Australian conspiracy," said Det Supt Cook.
Two of the men, aged 46 and 48, were nabbed at a Darling Harbour carpark, while a 40-year-old man was arrested at an Epping home.
At the same time, a 41-year-old man was arrested at a home in the Adelaide suburb of Collinswood. He will be extradited to NSW in the coming days, police said on Friday.
A 36-year-old woman was also arrested in Adelaide.
During the raids, police allegedly seized more than $50,000 in cash, designer watches and gold and silver bullion.
The operation follows extensive joint investigations with the Mexican federal police after the drugs were intercepted in Mexico on September 14.
Det Supt Cook thanked the Australian Criminal Intelligence Commission and the US Drug Enforcement Administration, as well as South Australia police and Mexico police for what was "a seamless investigation".
All four men will face court on Friday. The woman will face an Adelaide court next month.
