Cocaine pineapple ring caught smuggling 745kg of drugs disguised as tropical fruit into Europe.
Nine members of a gang that had transported the drug from South America were arrested in the operation.
The seizure, from shipping containers, was part of an ongoing investigation across both countries that started last April.
Aside from the 745kg of cocaine seized and the arrests, police also dismantled a laboratory where the drug was cut with additives.
The Spanish Interior Ministry said that the cocaine was packed in cylinders, covered in yellow wax to appear as if made of the fruit, then covered by previously emptied out pineapple skins.
Police records showed that two hydraulic presses, three packaging machines, and over €400,000 cash were among the things found in the raids.
The gang members, led by two Colombian brothers, had laboratories in the municipalities of Pinto and Nuevo Baztan near the Spanish capital Madrid.
Police say the gang stored their cocaine in Terrasa, Barcelona, before transporting it to their Madrid laboratories every 15-20 days.
Police believe that the disguised cocaine shipment travelled from Panama to the port of Lisbon by sea.
The Iberian Peninsula is a major entry point for cocaine and other drugs to Europe, either directly from Latin America or via North and West Africa.