Both have been remanded into custody.
The search warrant was part of Operation Cobalt, which targets illegal activity by gang members and their associates.
Canterbury field crime manager Detective Inspector Scott Anderson said methamphetamine in the community has “far-reaching consequences” and the seizure of such a large amount will prevent “considerable harm in the community”.
“Unfortunately, illegal firearms and methamphetamine often go hand-in-hand, so to remove illegal firearms from the criminal underworld is significant,” Anderson said.
“Police have no tolerance for this type of criminal offending and will continue to target people supplying methamphetamine to the community.”