Detective Sergeant Cameron Ross, of the Warrnambool police divisional response unit, said officers executed a search warrant at a Warrnambool Ocean Grove address on Friday.

He said a loaded sawn-off .22 rifle and a loaded sawn-off 12 gauge shotgun were found by police.

Officers also located 3.5grams of ice valued at about $3000 and a small amount of GHB.

A 26-year-old man and a 28-year-old woman were arrested, remanded in custody over the weekend and will appear in the Warrnambool Magistrates Court on Monday for bail/remand hearings.

Terang man Jason Twaddle, 47, has also been remanded in custody after being allegedly caught with 12 grams of ice, valued at about $10,000.

He was intercepted by police in the Wanstead Street/Fleetwood Court area of east Warrnambool with two associates in a vehicle late last week.

The other two men were also found with small amounts of drugs.

Mr Twaddle is the only one of the trio to have been remanded in custody after appearing in court on Friday.