Almost half a tonne of the drug 'ice' has been found stashed inside dozens of car bonnets shipped to Australia from Malaysia.

Australian Border Force officers made the discovery inside a container that arrived at Sydney's Port Botany on November 28.

Nearly 5000 packages were allegedly located in the skin of 71 bonnets, containing 490 kilograms of methamphetamine.

Almost 5000 packages containing 490 kilograms of methamphetamine were seized

The estimated street value for these illicit drugs is $367.5 million.

'Further forensic testing will be carried out by forensics specialists to determine the exact weight and purity of the substance,' the AFP said in a statement on Friday.

Federal police raided several Sydney properties in Granville, Rhodes and Penshurst on December 7.

Police arrested a 17-year-old male and 19-year-old man during the operation.

The pair were charged with attempting to possess a commercial quantity of a border controlled drug, namely methamphetamine.

The maximum penalty for this offence is life imprisonment.

The drugs were allegedly found hidden in a shipment of 71 car bonnets (pictured) that arrived at Sydney's Port Botany from Malaysia last month

It will be alleged they were set to receive the shipment before passing it on to other members of a criminal syndicated responsible for the importation.

Both males were bailed refused when they appeared in court last Saturday.

The 17-year-old is due to reappear in Parramatta Children's Court on Friday (December 14).

The man, 19, from Granville in western Sydney will remain behind bars until his next court appearance Sydney's Central Local Court on February 6.

Australian Federal Police allege two males aged 17 and 19 were set to receive the shipment before passing it on to other members of a criminal syndicated responsible for the importation

Australian Border Force officers made the discovery inside a container that arrived at Port Botany on November 28

AFP Detective Acting Superintendent Kristie Cressy, Coordinator Organised Crime Sydney said the amount of methamphetamine would have had significant impact on the community.

'Had this drug seizure made its way to Australian streets, countless lives would have been affected. It could be users, health care workers that deal with drug issues each and every day, or the family that has been torn apart when deaths occur from illicit substance abuse,' Acting Detective Superintendent Cressy said.

'Police know better than most the heartbreaking impact of drugs like ice on our community. In stopping almost half a tonne of these dangerous drugs reaching our streets, countless families and friends have been saved from being torn apart by illicit substance abuse'.

The estimated street value of the drugs hidden in car bonnets (pictured) is $367.5 million

ABF Commander Danielle Yannopoulos added: 'Whether it be in car bonnets, clothing, meat mincing machines or even highlighters - our officers have seen it all, and they have sophisticated technology at their disposal to identify these illicit substances no matter how criminals try to hide them.'

Further inquiries to identify other members of the syndicate are ongoing, and the AFP is liaising with the Royal Malaysia Police to identify the source of the shipment.

The AFP urges anyone with information to call Crime Stoppers on 1800 333 000.