The three-month investigation, code-named Operation Courier, has netted more than 650 grams of methamphetamine and $200,000 worth of stolen property.

Detective Inspector John King alleged the stolen goods - which ranged from power tools to toys and paintings - were being traded for ice.

A unique set of stolen knives was also discovered along with a pistol.

"We'll allege that the man was importing drugs and providing those drugs in and around the Launceston area in exchange for property," Detective King said yesterday.

"My view on that is he's reasonably high in the chain."

It's alleged the ice was being imported from interstate.

Inspector King said the operation was connected to the 560 grams of ice allegedly seized at Launceston Airport in October.

"How the drugs are getting into Tasmania will form part of our more extensive investigation," he said.

At this stage there was nothing pointing to the Spirit of Tasmania or the involvement of bikies, he said.

Morphine and prescription drugs were also seized during police searches, which took place in homes, storage sheds and shipping containers around Launceston.

Inspector King said more charges were expected to be laid.

The bust shines some light on a recent spate of power tool thefts that have taken place in Launceston in the past few months.

Tradespeople and related businesses have been warned to mark property as the thefts ramped up since July.

Police said the stolen property discovered by Operation Courier was found crammed in a room.

"It is quite a lot of property to have on hand so the actual outcome of where that was going is still part of our investigation," Detective King said.

"We have information suggesting that is quite common - the exchange of property for drugs."'

It comes after recognition that there has been a significant increase in the use of ice in Tasmania over the past two years with some MPs labelling it an epidemic on the North-West.