Two packages washed up on the coast contained a total of 110lb of cocaine with a street value of £2.5 million.
The first package was washed up on the beach at Bude, north Cornwall, on February 7 and consisted of a number of packets wrapped in sacking.
Another package was found on a beach near Carleon Cove on the Lizard Peninsula the following day - between 60 and 70 miles from the first.
Devon and Cornwall Police said that forensic analysis confirmed the packages contained cocaine, and inquiries were continuing.
HM Customs spokesman Bob Gaiger said a number of packages of drugs had been washed up on the south west coast over the last 10 years."But all these wash-ups are very difficult to pin down and investigate," he said.
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