Australian Federal Police charged 11 men and two juveniles with conspiring to import 2.34 tonnes of cocaine into the country by sea.
It is alleged the men and crew of a vessel attempted to import the drugs into Queensland with multiple groups planning to collect the cocaine onshore.
The men were arrested on Saturday following a collaborative effort by the AFP and Queensland police investigating a transnational organised crime syndicate.
Police allege one of the men arrested was the vice-president of the Brisbane Comanchero outlaw motorcycle club chapter.
"Investigations into the origin of the drugs remain ongoing and we will work with our international and domestic law enforcement partners to identify the criminal syndicates and anyone else involved in facilitating this alleged drug import," AFP Commander Stephen Jay said.
"Let these arrests serve as a warning to those criminal syndicates plotting attempts to bring illicit substances into our country, we stand together ready to act and disrupt your criminal activities, together with our law enforcement partners."
The amount of cocaine allegedly attempted to be imported weighs the same as a Ford Raptor ute.
It is estimated to have a street value of $760 million and could equate to 11.7 million street deals, the AFP said.
Police investigations began in November after intel led authorities to a criminal syndicate linked to the Comanchero gang.
Federal and Queensland police, as well as Border Force, then tracked a recreational fishing boat in the past week where it met with another vessel.
The recreational boat became stranded about 18km off the northeastern tip of K'Gari (Fraser Island) after a suspected mechanical breakdown where authorities began making arrests.
A search of the boat recovered 51 bales which contained 40kg of white substance packaged in individual 1kg blocks, the AFP said.
All 11 men and two juveniles have been charged with one count of conspiracy to import a commercial quantity of border-controlled drugs which carries a maximum penalty of life imprisonment.
They will face the Maryborough, Bundaberg and Cleveland Magistrates Courts on Monday.
The drug bust comes after police seized more than $160 million worth of the illicit substance in April.
Three men were charged by the AFP over the plot when 500kg of cocaine was seized off a boat ramp in central Queensland.Officers found 15 black and yellow waterproof bags which contained 32 blocks weighing 1kg each that tested positive for cocaine.
Australian Border Force and federal police have seized more than 33.7 tonnes of illicit drugs and precursors in the past financial year.
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