Local gardaí told the Irish Farmers Journal that the arrests took place when two men tried to move suspected stolen items from a premises in the Knockmore area of Co Mayo early on Monday morning.
Gardaí from the small Foxford rural station led the operation, with support from a specialist unit including armed officers. They had placed the location under surveillance and moved in when the visitors became active.
They seized equipment including several trailers, a John Deere industrial lawnmower and a horse box, as well as the high-powered Volvo car the men were travelling in.
The two men are due to appear before Ballina District Court in the coming days, charged with handling stolen property. A file is also being prepared for the Director of Public Prosecution.
Ballina-based superintendent Joe Doherty thanked the local neighbourhood watch organisation and members of the public for their assistance in this investigation and urged them to continue reporting any suspicious activity.
