Police spokesperson Colonel Vish Naidoo said the joint operation between SAPS, Ekurhuleni Metro Police and Home Affairs took place at a flat in Regent Road.
Apart from the rhino horns and cash, an elephant tusk, passports and other travel documents were also recovered. A Vietnamese national was also arrested.
Naidoo said the man faces possible charges of possession of rhino horns and elephant tusk, and contravening the Endangered Species Act, amongst others.
The suspect is expected to appear in the Germiston Magistrate's Court on Thursday.
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