A boat carrying 2,326 kgs of cocaine was intercepted in the Gulf of Uraba near the thick jungle of the Colombia-Panama border.
An air force aircraft detected two boats making a run for the Panama coast, but only one was caught by the navy.
Five men were arrested on the boat and transferred to the Coast Guard Station in Uraba, northern Colombia.
The boat contained 92 bags of cocaine with an approximate street value of $58 million, as well as communication equipment and 28 fuel tanks.
Around 40 tons of cocaine have been seized this year in the Caribbean sea.