Australian Federal Police and Customs officers have made what they say is the largest seizure of the drug ice in Australia's history.

NSW Police were also involved in the investigation, which authorities say led to 585 kilograms of ice valued at $438 million being taken off Sydney's streets.

A taskforce comprising officers from the AFP, Customs, New South Wales Police and the Australian Crime Commission jointly took responsibility for the operation.

Police revealed in a press conference this morning that three men - a 32-year-old from Singapore, a 51-year-old from Hong Kong and a 21-year-old from Canley Vale in Sydney - had been arrested and charged with attempting to possess a commercial quantity of drugs.

The maximum sentence is life in prison.

AFP Commissioner Tony Negus told a press conference this morning that a joint operation began in September last year following a tip-off from a member of the public.

He said the investigation led to a "suspicious facility" at West Ryde in Sydney, where the arrivals of "suspicious containers" were monitored over several months.

The drugs were discovered in a chemical shipment from Shenjing in southern China on February 22.

Mr Negus said the three men were arrested yesterday while allegedly trying to collect the drugs.

"The investigation remains ongoing and we've not ruled out further arrests either here in Australia or overseas," he said.

"We've already been in contact with authorities in China and a range of further inquiries are under way."

Police officers examine a seized bag of ice in Sydney. ( AAP: Australian Federal Police )

NSW Police Commissioner Andrew Scipione hailed the work of the taskforce in seizing the haul of methamphetamine, which is nearly twice the previous record haul of 300kg last in Sydney last July.

"When the police and the community work together, these are the sort of results you get," Mr Scipione said.

"We're very fortunate that somebody took the time to make that phone call.

"Make no mistake. This is a hideous, insidious drug.

"This is the sort of drug that sends people mad."

The three men will appear in Sydney Local Court this morning.