Police in Sydney seized 235 kg of methamphetamine (seen here) and 115 kg of cocaine, with an estimated street value of $237 million. (Australian Federal Police/HO)

Australian police have arrested a 34-year-old Canadian after authorities seized 350 kg of cocaine and methamphetamine in a bust they say has disrupted an international drug syndicate.

In the bust in Sydney, police seized 235 kg of methamphetamine and 115 kg of cocaine, an amount of drugs police say has an estimated street value of up to $237 million.

The unnamed Canadian, 34, was charged with importing the drugs and was refused bail in court on Monday, Australian Federal Police said Wednesday.

A 33-year-old American citizen was charged Tuesday and is scheduled to appear in court Wednesday.

The bust, in which five search warrants were executed in Sydney suburbs on Saturday and Sunday, comes after two and a half years of investigation, police said.

The charges of importing cocaine and importing methamphetamine carry a maximum penalty in Australia of life in prison or an $850,000 fine.