However, Superintendent Sam Butler, officer in charge of the Drug Enforcement Unit (DEU), said police were not sure of the quantity of the drugs as the shipment was being transported to Nassau and would be weighed upon arrival.
He said eight Haitian men were arrested and were also being transported to Nassau.
According to Butler, police made the seizure aboard a vessel after receiving information about the existence of the drugs.
Last night, he promised more information on the drug seizure at a later date.
It represents the first major drug bust of 2013.
Only recently, Prime Minister Perry Christie reported that special drug operations between September 2011 and September 2012 led to the confiscation of 686 pounds of cocaine, 3,269 pounds of marijuana and 26,000 marijuana plants.
Christie said the seizures were the result of 12 operations that were carried out in The Bahamas by Operation Bahamas and Turks and Caicos (OPBAT).
Christie said the government recently signed an agreement with the United States government for additional funding of $2.41 million for the fiscal year 2012-2013 to further enhance cooperative activities.