Officers from Burnley Taskforce found the haul after executing a warrant at an address in the Lyndhurst Road area of the town.
A spokesman for Burnley and Padiham Police said: "This week marks our national neighbourhood policing week of action.
"This afternoon, officers from Burnley Taskforce have executed a drugs warrant at an address in the Lyndhurst Road area where we have seized a quantity of drugs, cash and weapons.
"Two people have been arrested and will be interviewed this evening by the team.
"This is a result of information given to us by our community. We are working hard to take drugs off the street and if you have any information about drug dealing you can call 101, report anonymously via the independent charity crimestoppers or by e-mailing the team at: [email protected]"