Detectives investigating dissident republican activity have uncovered a haul of contraband cigarettes worth an estimated £300,000.
Around 66 bottles of contraband alcohol and £50,000 in cash were also seized during the planned raid in the south Armagh area on Saturday.
A 31-year-old woman was arrested as part of the operation. She was later released pending further police inquiries.
HM Revenue and Customs are assisting detectives from the PSNI's Serious Crime Branch in the investigation.