Two Australian men in their mid-twenties have been charged with importing and possessing between 70 and 100 kilograms of methamphetamine, hidden inside plastic storage pallets.
The New Zealand Customs Service said the seizure netted an estimated haul with a street value between $35 and 50 million.
Customs said the men arrived at Auckland Airport last month.
A storage unit rented by the men was searched yesterday and customs investigators uncovered compressed methamphetamine hidden in the storage pallets.
They also found $50,000 in cash hidden inside a dishwasher and a backpack at one of the men's homes.
Customs investigations manager Bruce Berry said this investigation and seizure is the result of analysing intelligence information on how some of these drug syndicates operate.
"It is not unusual for foreign nationals to arrive into the country, solely for the purpose of facilitating drug shipments.
"This seizure and the arrests are an example of some very good intelligence and investigative work.
"The concealment method was quite sophisticated and not easily identifiable. We are still in process of completing the methamphetamine extraction to confirm the weight and purity.
"We already know that a significant amount of methamphetamine is involved, and Customs is very pleased to have stopped it from reaching the streets and harming our communities," Mr Berry said.