Police investigations began in November after intel led authorities to a criminal syndicate linked to the Comanchero gang.
Federal and Queensland police, as well as Border Force, then tracked a recreational fishing boat in the past week where it met with another vessel.
When the recreational boat became stranded off the tip of K’gari, formerly known as Fraser Island, after a suspected mechanical breakdown, authorities began making arrests.
A search of the boat recovered 51 bales that contained 40 kilograms of white substance packaged in individual 1-kilogram blocks, the AFP said.
All 11 men and two juveniles were charged with one count of conspiracy to import a commercial quantity of border-controlled drugs, which carries a maximum penalty of life imprisonment.
They were set to face the Maryborough, Bundaberg and Cleveland magistrates courts on Monday.
The men were arrested on Saturday following a collaborative effort by the AFP and Queensland police investigating a transnational organised crime syndicate.
The drug bust came after police seized more than $160 million worth of the illicit substance in April.
Three men were charged by the AFP over the plot when 500 kilograms of cocaine was seized off a boat ramp in central Queensland.
Officers found 15 black and yellow waterproof bags which contained 32 blocks weighing 1 kilogram each that tested positive for cocaine.
Australian Border Force and federal police have seized more than 33.7 tonnes of illicit drugs and precursors in the past financial year.
AAP
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