Over 30kgs of tobacco, 11,600 counterfeit cigarettes, counterfeit packaging and duty stamps were discovered at a flat on the Antrim Road on Tuesday afternoon.
The haul of illicit hand rolling tobacco and cigarettes is worth almost £7,000 in unpaid duty.
It is believed the tobacco and cigarettes originated in China, however, investigations are continuing.
Michael Connolly, HMRC's Assistant Director of Specialist Investigations, said: "Cheap tobacco may seem like a bargain at the time, but this tobacco was packaged in less than ideal conditions".
"Tobacco factories like this are packaging low quality tobacco and I'd urge people to be wary - if you're offered tobacco at a price that seems too good to be true, then it probably is.
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