Two men were also arrested in connection with the seizure at a house at Ballywire, Kilross on Friday afternoon.
The suspects, both in their 30s, were taken to Tipperary Garda station and detained under Section 2 of the Criminal Justice (Drug Trafficking) Act.
Gardai say they can be held for up to seven days.
The drugs swoop, which involved gardai from Tipperary and Limerick Drugs Units, resulted in the recovery of 20kg of cannabis and 1kg of cocaine.
It is understood the drugs have a street value of more than 470,000 euro.
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