He is to appear at Ards Magistrates’ Court charged with possessing the Class A drug and possessing it with intent to supply contrary to the 1971 Misuse of Drugs Act.
Police said a car was stopped and searched in the Church Road area of Holywood, Co Down, just after 12.30 pm yesterday, Thursday, July 16.
The 50-year-old was arrested in connection with drug offences.
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 was arrested on suspicion of possession of a class A controlled drug and possession of a class A controlled drug with intent to supply.
He was taken to Bangor PSNI station for questioning where he remained overnight to await his court appearance this morning.
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.”