Police say detectives from the PSNI's Organised Crime Branch attended a commercial premises on Tuesday after information was passed to them.
Suitcases full of bags of white powder were found inside a recently delivered container of furniture.
They have tested positive as cocaine during an initial examination.
Police say there is no suggestion that the company based at the premises knew what was in the container.
Detective Superintendent Noel Mullan said a conservative value for this haul would be £2.5 million, and its street value would be substantially higher.
Justice Minister David Ford said this discovery is very welcome, and will undoubtedly prevent more misery and possibly save lives.