The statement released by Fiji police's chief of investigations and intelligence, Henry Brown, said two men, an Australian and a Fijian, were apprehended near the Vuda Point Marina in Lautoka on Monday with parcels of the drug found in their vehicle.
"Further investigations also resulted in the discovery of large amounts of Fijian and Australian currency from one of the suspects' hotel rooms," he said.
Assistant Police Commissioner Brown said the seizure was executed following weeks of intelligence gathering through a joint effort between Fiji police, its revenue and customs authority and Australian Federal Police (AFP).
"With investigations still into its early stages, no further detail will be released at this point in time," he said.
Police spokesperson Ana Naisoro told the Fiji Broadcasting Corporation charges are expected to be against the two suspects.
Vuda Point Marina general manager Adam Wade told the Fiji Times newspaper the incident did not involve anyone from the marina, and it had agreements with various border control agencies to ensure customs compliance with all visiting vessels.
"To date, no vessel at Vuda marina has been found to contain any illegal substances, and through our close relationship with border control agencies we hope this continues into the distant future," he said.
Mr Wade said the yachting sector generated more than $22 million towards the Fijian economy.
In a statement released on Facebook, it said reports the marina may be implicated "caused much anguish to staff and management."
In a statement, the AFP said it was aware of the arrests and the case was a matter for Fiji police.
"The AFP works cooperatively with law enforcement partners in the Pacific region to dismantle and disrupt all forms of serious and organised crime at its source," it said.
"By working together, the AFP and its partner agencies have never been better placed to fight these criminals."
Drug smuggling on luxury yachts has been common in the Pacific, with many high-profile cases over recent years.