A major organised crime gang was dealt a massive blow when cocaine worth anything from 30-200 million euro was seized.
Two men were arrested over the 350kg (770lb) haul which Garda Commissioner Martin Callinan said marked a very significant day for law enforcement.
"We have identified a significant number of players in this operation," he added.
Alan Shatter, Justice Minister, said the raid demonstrated the determination and resourcefulness of gardai and customs to smash trafficking gangs.
"I express my deep appreciation and support for their work on my own behalf, that of the Government, and, in particular, on behalf of communities who have to live with the evil which the deadly trade in illicit drugs causes," the minister said.
"For its part the Government will continue to do all it can, both nationally and internationally, to support law enforcement agencies in achieving successes like today's."
The seizure was carried out as part of a continuing intelligence-led operation targeting organised crime.
For several months gardai and customs officers have been working on the case, with national and local units swooping on residential and business premises.
A 42-year-old man was detained in Tallaght, south Dublin, and a vehicle seized after 50kg (110lbs) of cocaine was discovered.
The second man, 31, was held when a series of follow-up searches were carried out in west Dublin and Kildare where 300kg (661.3lbs) of the drug was seized.