It comes six weeks after hundreds of parcels stuffed with drugs were discovered on a yacht taken to a port near where the catamaran was intercepted.
The boat was seized in the English Channel off the south-west coast of Cornwall and was escorted it to Newlyn harbour on Thursday morning.
The five men are being questioned by National Crime Agency (NCA) officers.
NCA and Border Force officers have intercepted a catamaran containing cocaine off the coast of Cornwall.The NCA led operation has resulted in a significant amount of cocaine being removed from the vessel in Newlyn harbour and five men arrested on drug trafficking offences. pic.twitter.com/f3ZzFolev9
As part of a National Crime Agency-led operation, the Border Force cutter HMC Vigilant intercepted a catamaran off the south-west coast of Cornwall and escorted the vessel into Newlyn harbour on Thursday morning, a spokesman for the NCA said.
The investigation is ongoing and a significant quantity of cocaine has been removed from the boat.
National Crime Agency and Border Force officers, supported by Devon and Cornwall Police, remain at the scene as searches continue.
Five men have been arrested for drug trafficking offences and are now being questioned by National Crime Agency officers.
The joint operation was carried out with help from authorities including the Irish Naval Service.
Last month, Dutch nationals Maarten Peter Pieterse, 59, and Emile Adriaan Jeroen Schoemaker, 44, were arrested and are accused of attempting to smuggle 1.6 tonnes of cocaine into the UK.
The National Crime Agency called the operation a significant seizure of cocaine after they escorted the boat were the alleged cocaine was found to Newlyn.
They are to face trial next year.
News Source SkyNews