Detective Inspector Pete Mullan said: “The searches were carried out on Monday at properties in the Donegall Quay area and in south Belfast, and were part of an investigation into organised crime.
“A quantity of suspected cannabis, thought to be worth around £500,000 was recovered during the Policing Operation.
“A large quantity of cash was also seized during the search.
“A 33 year old man has been arrested on suspicion of a number of offences including importing a controlled drug, possessing criminal property, possessing a class B controlled drug and possessing a class B controlled drug with intent to supply.
“A 26 year old man was arrested on suspicion of a number of offences including possessing a class B controlled drug, possessing a class B controlled drug with intent to supply, conspiracy to supply a class B controlled drug and possessing a false identity document.
“Both men are currently in custody.
“We are committed to making Northern Ireland a hostile environment to those within our local community involved in drug dealing.
“We will seek to identify them, arrest them and bring them before the courts.
“I would encourage anyone with information about the sale and supply of illegal drugs to get in touch with police.
“Community intelligence is key in enabling us to gather an accurate picture of what is happening in our local communities and to focus our resources on the areas and issues people are concerned about.
“Local police can be contacted on 101 or online via the online reporting form on the PSNI website.”