Further searches of the suspects’ addresses in Bradford, West Yorkshire, revealed more gold bars valued at about £60,000 in addition to a £30,000 watch and a sum of money.
The two men, who are 45 and 49, are being questioned on suspicion of money laundering.
Det Insp Sarah Langley, from GMP’s economic crime unit, said: “Any discovery of this size is, of course, something we want to explore all reasons for and our specialist officers are currently determining the reasons for the gold and jewellery being brought into the country.
“Any offences regarding money or the illegal dealing and possession of goods is something we will simply never tolerate and we will always act to ensure people are acting within the confines of the law.”
She appealed for anyone with information to contact police.