An ordinary apartment in western Sydney was being used as a factory for an international drug syndicate, police say.
Australian Federal Police on Sunday said they seized 142kg of methamphetamine from the unit in Oxley Park after intelligence from Hong Kong police.
Using an estimate of $900 a gram, they said the drugs had a potential street value of $126 million.
The clandestine laboratory contained chemicals and paraphernalia involved in the manufacture and extraction of methamphetamine.
Receipts for materials allegedly used to cook the meth inside the apartment were also recovered.
The vast quantity of the drug required the call-up of the specialist chemical operations unit to ensure officers' safety.
Soon after the November 3 raid, police arrested and charged a Hong Kong man with possessing and manufacturing methamphetamine.
He was remanded in custody after his first court appearance on November 6 and faces up to life in prison if convicted.
Police allege the syndicate behind the lab was linked to the arrest of three men in Hong Kong and a 28-year-old man in Sydney for the attempted importation of 240kg meth concealed in fabric rolls in August.
Detective Acting Superintendent Jeremy Staunton said international partnerships were critical in the fight against organised crime.
"The AFP is uniquely-placed to work with our international partners on transnational investigations, where we can stop shipments before they reach Australian shores, or share intelligence that cripples the ability of organised crime groups to operate effectively," he said.
