A firearm and a large quantity of cash were also found in a search of a house in Carbry Heights, Keady, Co Armagh on Friday.
The 39-year-old man is due to appear at Newry Magistrates Court tomorrow, Monday, February 13.
A 36-year-old woman who was also arrested following the seizure has been released on police bail.
The man has been charged with possession of a class A drug, possession of a class drug with intent to supply, possessing criminal property, concealing criminal property and possession of a firearm in suspicious circumstances
Two vehicles – a Lexus car and a KTM motorcycle – were also seized during the operation.
Detective Inspector Brian Foster said he was “delighted” the drugs and firearm had been removed from the streets.