Two Mexican men have been charged after about 300 kilograms of cocaine packed in pallets of cocoa powder was seized in Altona.

The men, aged 33 and 34, have been charged with importing the drug haul, which has an estimated street value of $105 million.

The charges follow a joint investigation by the Victorian Joint Organised Crime Taskforce, made up of Australian Federal Police, Australian Border Force, Victoria Police and the Australian Criminal Intelligence Commission.

Earlier this month, the 34-year-old Mexican man arrived at Melbourne Airport from Los Angeles, investigators say.

Australian Border Force officers allege that a small quantity of cocaine was found in the man’s possession.

Police subsequently seized a consignment labelled as “coffee and cocoa powder” from an Altona business. It allegedly concealed 300 kilograms of cocaine.

Police with the evidence seized from Altona. Photo: Supplied.

Police with the evidence seized from Altona. Photo: Supplied.

The pair were arrested after search warrants were executed on Wednesday at residential premises in Port Melbourne and Balaclava.

Both have been charged with importation of a commercial quantity of border controlled drugs, which carries a maximum life sentence.

The 33-year-old has also been charged with attempting to possess a commercial quantity of border controlled drugs.

AFP Commander John Beveridge said the investigation required significant cooperation between Australia and Mexico.

“During this investigation, we used the AFP International Network and worked closely with officers at the newly opened AFP post in Mexico,” he said.

“We were able to obtain intelligence on this organised criminal syndicate from the source and trace their activities across the globe.”

ABF Acting Regional Commander Victoria Rod Winchester, said syndicates continued to target Australia because Australians were prepared pay a very high price for drugs including cocaine.