Police have seized nearly four kilograms of the drug ice with an estimated street value of more than $3 million after pulling over a car in south-west Sydney.

Police stopped the car near the M5 Motorway tollgates at 5.30pm yesterday, and found three kilograms of ice inside.

The driver and his female passenger were arrested.

Police later raided a number of homes across Sydney and seized another 700 grams of ice and cash.

A second man was arrested in Maroubra.