Detectives backed up by members of the Armed Support Unit raided a house in the Barrack Street area around 9.30am.
Gardaí arrested a man in his 60s and a man in his 30s.
Both men, who are from Cork, were arrested under Section 4 of the Criminal Justice Act which allows gardai detain suspects for up to 24 hours.
The man in his 60s is being held at the Bridewell Garda Station the man in his 30s is being held at Gurranabraher Garda Station.
Both men are being quizzed about the seizure by gardai of around 10,000 euro seized during an earlier raid in the summer which gardai believe is laundered proceeds of crime.
