Police said a car was stopped and searched in the Church Road area of Holywood, Co Down, just after 12.30 pm today, Thursday, July 16.
The 50-year-old was arrested in connection with drug offences under the 1971 Misuse of Drugs Act
A quantity of suspected cocaine, estimated to have a street value of between £60,000 and £80,000, was seized.
The car and two mobile phones were also seized.
The man has been arrested on suspicion of possession of a class A controlled drug and possession of a class A controlled drug with intent to supply.
He is currently assisting police with their enquiries at Bangor PSNI station.
Detective Inspector Trevor Stevenson said: “This is another example of the PSNI’s commitment to tackling the issue of drugs in Northern Ireland.
“Anyone with any information or concerns about the illegal use or supply of drugs is asked to contact their local police station on the non emergency number 101.”