Three Bolivian citizens were arrested at Ben Gurion International Airport as they tried to smuggle seven kilograms of cocaine in liquid form into the country, police announced on Sunday.
The incident happened last week but was kept under a gag order for several days.
The liquid cocaine was apparently to be distilled into powder form for sale on the streets.
An additional two men were later arrested in connection with the same crime, on suspicion that they were operating a drug-trafficking ring in Israel.
At the end of last month, police busted a large-scale cocaine ring in Tel Aviv that delivered the drug disguised as sushi orders.