The three men working at Port Botany in Sydney were arrested on Sunday and accused of importing 506kg of cocaine in a shipping container that had unloaded its legitimate cargo.
The alleged haul has an estimated street value of nearly $165 million and could have been sold in more than 2.5 million small street deals, federal police say.
Investigators were tipped off in April to an alleged criminal syndicate with what they described as "corrupt insiders" planning to take the hidden drug shipment from the seemingly empty container.
They tracked a 38-year-old forklift driver early on Sunday morning moving several containers to get to the abandoned container in a storage area of the Sydney sea freight facility.
Shortly after, a 25-year-old went into the same spot, carrying a bag.
Police pounced, allegedly finding the man with a crowbar, angle grinder, earmuffs and lights as he tried to break through the false wall at the back of the container.
They say some 506 blocks of white powder were found in a cavity covered in metal sheeting.
Both the forklift driver - Shane Turetetangata Paki of Hillsdale - and the younger associate - Lachlan Brett Coldwell of Oyster Bay - were arrested on drug importation charges, for which they could face life behind bars.
When investigators searched the forklift driver's home they found another man leaving the property, allegedly carrying $200,000 in cash suspected of being the proceeds of crime.
The man, 42-year-old Dylan Conrad Moon, also worked as a forklift driver.
A further $130,000 was found at the youngest man's home, also allegedly crime proceeds.
The trio worked at two separate logistics companies with a global footprint, police said.
"In just four short months, three criminals and huge amounts of drugs have been intercepted," NSW Police Drug Squad Commander John Watson told reporters on Tuesday.
"One would expect that they ... (are) doing their jobs, doing what they're paid for, not unloading hundreds of kilos (of drugs)."
The three men were known to police prior to the operation.
"What is unusual about this case is the ability for the people inside operating using their employment as a guise to go about criminal activities," Detective Superintendent Watson said.
AFP Detective Superintendent Peter Fogarty described the alleged syndicate as disciplined.
He warned "the false promise of riches from drug importations" was not worth the risk of life in jail.
All three men appeared before a local court on Monday.
Paki and Coldwell were refused bail and are expected to appear at a local court on October 29.
Moon was granted bail with strict conditions and is also due to appear on the same date.
Inquiries continue into the source of the alleged drug shipment and others involved.
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