More than $1 billion worth of ice has been seized from a shipment of stick-on gel bras and inside storage units filled with art supplies, Australian Federal Police say, in what is being described as the largest seizure of liquid methamphetamine in Australia's history.

Key points: Authorities seize 720 litres of liquid methamphetamine, 'largest bust in Australia's history'

Authorities seize 720 litres of liquid methamphetamine, 'largest bust in Australia's history' Ice hidden in gel bras, craft glue and painting sets

Ice hidden in gel bras, craft glue and painting sets Four Hong Kong nationals charged over importation and manufacture

Four Hong Kong nationals charged over importation and manufacture Haul discovered in shipment from Asia to Australia, remainder in Sydney storage units

Four people have been charged over the importation and manufacture of 720 litres of methylamphetamine.

Authorities discovered the drugs in a shipment from Asia to Australia and found the remainder in storage units in Sydney.

The ice was allegedly hidden in stick-on 'water magic' push up bras, bottles of craft glue and painting sets.

One of four people who was arrested over the importation and manufacture of $1.26 billion worth of ice into Sydney. ( Supplied: AFP )

Federal Justice Minister Michael Keenan said it was the largest seizure of liquid methamphetamine in Australia's history.

"This is also one of the largest drug seizures in our country," he said.

"This has resulted in 3.6 million individual hits of ice being taken off our streets with a street value of $1.26 billion.

"And we are here to laud the joint operation that has resulted in the largest seizure of liquid methamphetamine in Australia's history."

Australian Federal Police State Manager NSW Commander Chris Sheehan said the joint organised crime group operation began in December last year when the Australian Border Force examined a shipping container out of Hong Kong.

"That shipping container was found to contain gel bra inserts and hidden inside those gel bra inserts was 190 litres of liquid methamphetamine," he said.

Ice was allegedly smuggled in bras, bottles of craft glue and painting sets. ( ABC News: Jessica Kidd )

Commander Sheehan said the investigation also yielded another 530 litres of liquid methamphetamine in Sydney.

"These drugs were concealed inside art supplies housed in five storage units in Sydney in the suburbs of Miranda, Hurstville, Padstow and Kingsgrove," he said.

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Commander Sheehan said a number of people had been arrested over the drug seizures.

"In January this year, the joint organised crime group conducted a controlled operation resulting in the arrest of a 33-year-old Hong Kong national," he said.

"He was charged in relation to the original seizure of the drugs by the Border Force.

"A further three Hong Kong nationals — a 59-year-old man, a 37-year-old man, and a 52-year-old woman — were arrested and charged in relation to the drugs located in the storage facilities."

Sorry, this video has expired AFP seize ice worth $1.26b

Mr Keenan said offenders could face life imprisonment over such a large quantity of drugs.

"This is a devastating blow for the organised criminal gangs that peddle in ice and it shows you that if you do target the Australian market, we have the powers and the resources to prosecute you," he said.

"In this case because of the large quantity of these drugs the people involved could be imprisoned for life."