In an official release, Thane Police PRO Sukhada Narkar said officials of the ANC (Anti-Narcotics Cell) laid a trap and arrested two of them from Ambernath yesterday.
The third person was arrested later, Narkar said.
The police seized a total of 83.55 kgs of ganja, said to be worth around Rs 12.53 lakh, from them besides a car, the release said.
The accused were identified as Anil Pawar (29), Premnath Bhoir (28) and Divesh Vayle (32). They were booked under the Narcotic Drugs and Psychotropic Substances Act, it added.