The officers were tipped off that there was a firearm present in a house in Gugulethu.
After searching the premises, police found 268 mandrax tablets, a considerable amount of money, presumed precious metals consisting of two blocks, three packets of gold balls, and 273 gold coins on Tuesday.
Police spokesperson, Lieutenant Colonel Andrè Traut, said: "The value of these items is yet to be determined as well as the authenticity thereof," Traut said.
"The firearm was not found." Two female suspects along with one male aged 64, 57 and 28 respectively were arrested and will appear in the Wynberg Magistrates Court on Thursday.