Detectives stopped a car on Wednesday in Box Hill, north west of Sydney, and arrested two men, a 35-year-old from Bondi and 24-year-old from Cranebrook.
Police raided a nearby property and allegedly uncovered a large scale drug lab and one kilogram of the drug ice.
Three litres of methylamphetamine oil and more then 200 items used to make ice and MDMA was also found.
Hours later another raid was carried out at a Bondi unit, where police allegedly found 70,000 tablets believed to be MDMA, weighing in at about 17 kilograms.
Officers also found 4kg of MDMA powder, more than 4kg of ice and a ballistics vest in the beachside suburb unit.
Police believe the total potential street value of the drugs is about $15 million.
Both men have been charged with a drug manufacturing, and the Bondi man is also facing drug supply offences.
This year alone NSW police have shut down 44 drug labs.
Detective Superintendent Tony Cooke said officers involved in the major drug haul had been working around the clock.
“That hard work has now been rewarded with a significant quantity of drugs not making it to the street,” the drug squad commander said.
“We will continue to do everything we can to stop illicit drug syndicates profiting at the community’s loss but members of the public need to continue playing their part too.” Both men were refused bail in Parramatta Local Court on Thursday, and will appear in Central Local Court on August 28.