The Fiji Times reports the Customs Service saying it was alerted by people on the island to the cocaine, which was found in 30 blocks with a combined weight of 40 kilograms.
The police say they are working with the Fiji Navy and customs officials and their investigation is ongoing.
The latest find comes a week after Fiji authorities seized $15m worth of cocaine and ecstacy from a yacht at Denarau, along with guns, cash and ammunition.
Four people were arrested in that raid, although one person -- an Australian -- was hospitalised after his arrest.