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Armed police, including a dog handler, swarmed a Wansbeck St property near the intersection with Tees St shortly after 1pm.
A police officer is pictured at the door of the property yesterday.
Detective Sergeant Hannah Booth, of Oamaru, said the drug-related search warrant resulted in the arrest of a 26-year-old woman and a 27-year-old man.
The woman was charged with methamphetamine and cannabis-related offences, and the man with a breach of bail.
Both are scheduled to appear in the Oamaru District Court next week.
Two marked police cars were parked outside the property and another two were parked a short distance away in Wansbeck St, between Tees and Tyne Sts.
Det Sgt Booth said no further charges were likely.