The drugs were discovered by Gardaí when they intercepted and stopped a car travelling on the M9 motorway near Knocktopher late on Friday night.
The driver of the car, a man in his 40's, was arrested and is currently being detained under Section 2 of the Criminal Justice Drug Trafficking Act, 1996 at Thomastown Garda Station. He can be held for up to seven days.
The operation was conducted by Gardaí from the Tipperary Divisional Drugs Unit and members of the Armed Support Unit.
Investigations are ongoing and further updates will follow.