Police believed the find would significantly disrupt the supply chain of methamphetamine in the area.
A firearm and ammunition were also seized, along with a large amount of cash buried near a dwelling on the property.
A man and a woman have been arrested and charged in the Tauranga District Court. They were granted interim name suppression and will reappear next month for a bail hearing.
The McLaren Falls Rd property was still being guarded by police today when the Bay of Plenty Times was at the scene. A helicopter circled and landed at the property and an incident support vehicle was seen pulling into a driveway.
A neighbouring resident, who wished to be known as Jonathan, said he was alerted to the raid by his aunty who lived in the same house as him.
Jonathon said he had heard the sound of a huge explosion coming from the property on Wednesday evening.
"It was like a bomb went off, it was so loud. It shook our whole house," he said.
The next day, his aunty saw an assembly of unmarked police cars, fire trucks and ambulances near a curve in the road, around 200m from the property, when she was leaving for work.
Jonathon walked out on to the road to in time to watch the convoy enter the property with an armed police squad and police dogs.
A helicopter flew by in a large circle around the area before swooping in and landing out the back of the property.
Jonathon said it surprised him to hear that a meth lab had been found on his road.
"It's very quiet, then all of a sudden this happens."
Another resident in the area said she heard a voice over loudspeaker cutting through the morning silence about 6am when she opened the front door to let her cats out.
"I quickly shut and locked my door, turned off the porch light and checked that my whole house was secure," she said.
Another resident, who wished to remain anonymous, said he was getting ready to leave for work when he heard a voice speaking over a microphone near his house.
"A helicopter flew above the place in tiny little circles," he said.
He said there was a number of vehicles, including "tonnes" of undercover police cars.
He said he also heard an explosion at the property on Wednesday after dark.
Detective Inspector Paul Newman said the impact of meth on the community could not be understated.
"It destroys families and lives, and the desire to obtain the drug is a driver of a lot of crime and harm in our communities – the people of Tauranga and the wider Bay of Plenty will be better off for the dismantling of this lab."
Newman said the Asset Recovery Unit would look to seize property accumulated through the proceeds of these criminal activities.
The discovery of the lab followed from a police investigation into a patched member of the Rebels motorcycle club this week.
On Tuesday, police raided the Parkvale home of Rebel motorcycle club patched member Bernard Simon Monk and allegedly found methamphetamine and cannabis.
The 40-year-old hairdresser, according to his occupation listed on court documents, faces a number of methamphetamine-related charges including possession and supply of the Class A drug.
He has also been charged with possession of MDMA, a Class B drug more commonly called Ecstasy.
Monk has also been charged with a number of violence charges against a woman including strangulation - a new offence which came into law earlier this year - several counts of male assaults female and assault with intent to injure.
He has also been charged with attempting to pervert the course of justice by trying to dissuade the woman from giving evidence, as well as breaches of a protection order by allegedly sending her emails.
Monk was remanded in custody and will appear in the Tauranga District Court on July 2.
Anyone affected by methamphetamine addiction is urged to seek help through the Alcohol and Drug Helpline on 0800 787 797, or free text 1737.
