Police seized approximately 10 kilos of cocaine - with a street value of £450,000 - up to £45,000 cash and a large quantity of cannabis during two raids in Rolls Road on Tuesday.
Two search warrants were executed on Tuesday morning at 10.30am at two addresses in Rolls Road, SE1.
The raids were part of a pre-planned operation relating to a drugs distribution network in south London.
At the first address police recovered approximately 10 kilos of cocaine and approximately £35-40,000 cash. At the second address officers found a large quantity of cannabis and £5,000 cash.
Two men were arrested in the raids – a 30-year-old man at the first address and a 42-year-old man at the second.
They have been taken to separate south London police stations.
DCI Brian Henderson of the Central Task Force West, part of the Specialist Crime Directorate, said: "We are very pleased with this significant haul of cocaine which would have undoubtedly have ended up on the streets of south London."