The recovery was made on New Year's Eve following an intelligence-led operation.
The exact location of the discovery has not been disclosed by officers.
Northern Constabulary said three men from Glasgow, aged 24, 30 and 33, were arrested and detained in police custody under the Misuse of Drugs Act in connection with the seizure.
They were due to appear at Lerwick Sheriff Court today.
A report has been sent to the procurator fiscal.