Officers stopped a Transit van on the Killylea Road at 3pm on Wednesday and found a package containing approximately £10,000 in cash.
The driver, a 38-year-old man, was arrested at the scene.
Searches were then carried out at a house on Salters Grange Road in Armagh where police seized a Mercedes S63 AMG car, a BMW X5 Jeep and a quantity of documentation.
A second man aged 31 was arrested at a filling station on Cathedral Road in Armagh at around 4.30pm.
During a follow up search at an address in Callan Crescent, officers located an estimated £160,000 concealed in the living room of the property.
A second man aged 31 was arrested at a filling station on Cathedral Road in Armagh at around 4.30pm.
During a follow up search at an address in Callan Crescent, officers located an estimated £160,000 concealed in the living room of the property.
Four extremely high-end designer watches were also seized, along with a Taser stun gun – police believe the cash and jewellery to be the proceeds of major drugs criminality.
Two other people, a man aged 58 and a 56-year-old woman who were present at the Callan Crescent address, were also arrested.
All four individuals remain in custody on Thursday and police said they will be questioned on suspicion of a number of offences including possessing, concealing and converting criminal property, as well as drugs supply offences.
Two other people, a man aged 58 and a 56-year-old woman who were present at the Callan Crescent address, were also arrested.
All four individuals remain in custody on Thursday and police said they will be questioned on suspicion of a number of offences including possessing, concealing and converting criminal property, as well as drugs supply offences.

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