Police are appealing for information after a rucksack apparently containing class A drugs was found near the junction of Grange Road and Bacon Grove.
Officers have appealed for information from anyone who may have seen one or more people loitering in the area at about 8pm on Thursday 21 February.
When officers arrived the man had gone but they found a rucksack behind a large green metal bin which contained a large quantity of what is suspected to be a class A drug.
"Were you in the area at the time?" asked a Southwark Police spokesman.
"Did you see any vehicles that were possibly associated with the scene?"
Anyone with information should call police on 020 7232 6743 or Crimestoppers on 0800 555 111.