Bundles of cash were found hidden in the lining of a wetsuit during raids which uncovered drugs, phones and designer clothes.
Police executed two warrants over links to Class A drugs before taking the three people into custody.
They raided a house on Bramhall Close, in Speke, at around 7am after being briefed at Merseyside Police HQ.
At the property, a 24-year-old man and a 25-year-old woman were arrested at the scene on suspicion of being concerned in the supply of Class A drugs and possession of criminal property.
While searching the house, police discovered around £12,000 in cash.
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Around £8.5k of the haul was hidden in the lining of a wetsuit.
The pair were taken to custody and have since been released under investigation until early January.
At around 3.30pm police raided a flat on Gateacre Brow and found over £100,000 in cash.
They also found a small amount of white powder suspected to be cocaine, bags of white crystals suspected to be crack cocaine and a bag of yellow tablets suspected to be ecstasy.
Officers seized four phones, a laptop, designer clothing, jewellery and a Rolex watch that were found.
A 35-year-old man was arrested on suspicion of being concerned in supply of Class A drugs, money laundering and possession of criminal property.
He has again been released under investigation until January.
Detective Sergeant Alan Wood says: “We are still in the early stages of both of these investigations but the recoveries made yesterday are significant and will go towards our fight against serious violence, gang and drug crime being committed across Liverpool.
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“I hope that the recovery of these items also highlight to the public just how thorough our searches are and that dangerous substances, weapons and criminal property have nowhere to hide.
“If you know someone involved in crime, drugs or otherwise, please do the right thing and get in touch with us.
“You can contact us on 101, @MerPolCC or call @CrimestoppersUK anonymously.”