The seizure of 7,250 kg of hashish was made from a truck near Gulshan-e-Iqbal area of the city, senior police official Munir Sheikh told reporters.
"These drugs are worth Rs 1.56 billion in the international market and Rs 580 million locally," Sheikh said.
He said three suspects have also been arrested.
"They even offered the officials seizing the drugs and investigators Rs 80 million to release the truck and close the case," he said.