The find was made during a search by specialist officers from the Belfast District Support Team at an address off the Ravenhill Road earlier today.
A large sum of cash was also found.
A 37 year old man has been arrested on suspicion of a number of drugs offences and is currently assisting police with enquiries.
Sergeant Corner from the District Support team explained: “Following up on information provided by members of the public, police have again disrupted the supply of what we suspect are incredibly harmful drugs in the Belfast area, recovering a significant amount of suspected drugs, drug paraphernalia and a significant amount of cash.
“We will continue relentlessly in our efforts to make communities safer and take positive steps to remove drugs from our streets and bring those who deal in these deadly substances before the courts.
“I would like to thank the members of the public for providing information which has resulted in the search, seizure and arrest this morning.
“I am also appealing to anyone who has any concerns or information about illegal drugs to contact Police on the non-emergency number 101.
“Information can also be given to the independent charity Crimestoppers on 0800 555 111 which is 100% anonymous and gives people the power to speak up and stop crime.”