The drugs were seized in the Struan area after a search on Monday.
Police said a 37-year-old man has been charged in connection with the find and is expected to appear at Portree Sheriff Court on Wednesday.
Sergeant Bruce Crawford said: “This enforcement action has resulted in a large quantity of controlled drugs being removed from circulation.
“The success of this operation is as a result of information received from the Skye community, who continue to support us in our efforts to disrupt those intent on supplying controlled drugs.
Anyone with information is asked to call 101.