Police seized the drugs worth £25,000 during an operation at Holmsgarth Ferry Terminal in Lerwick on Thursday.
A 50-year-old man was arrested and charged and a report has been sent to the procurator fiscal.
Chief Inspector Lindsay Tulloch: "As a result of an intelligence-led investigation, a significant amount of drugs have been seized and removed from circulation and will not make it to our streets.
"This will have a significant impact on those involved in the supply of controlled drugs and those who gain financially from this type of criminality.
"Criminal behaviour like this spreads harm and misery and we are committed to detecting and disrupting those intent on bringing drugs to Shetland and enforcing that this type of behaviour will not be tolerated.
"Members of the public have a vital role to play in reporting information to us, I would urge anyone who has information relating to those involved in the sale and supply of drugs to report this matter to police."