A Customs patrol intercepted four men removing cases of cigarettes from a locally-registered vehicle at the north end of Eastern Beach Road.
The incident happened in the early hours of Thursday morning.
Customs officers secured the vehicle and found it contained 13 master cases of cigarettes, a total of 650 cartons.
The four men were chased on foot through a construction site in the area, where a
further 98 cartons were seized by officers.
The men managed to escape but the investigation remains open.
The cigarettes seized have a retail value of around £15,000.