The jetski was one of five brand new ones taken during a raid by three men, one of them an employee, at Combined Logistics in Ahuriri in January 2019.
They were later arrested and charged, but the jetskis were never found. The employee, Andre Tibor Kalmancsi, was sentenced to four years and four months' prison while another of his accomplices was also jailed for the raid and other offending.
Detective senior sergeant James Keene said a 49-year-old and a 50-year-old man were now facing multiple charges, including receiving stolen property.
"This is a great result following some dedicated work by our staff," Keene said.
"This type of offending can have a real impact on the victims and businesses involved. It is great to be able to recover some of the stolen property and hold these high-end offenders to account."