Three men have been charged over a $224 million cocaine haul after allegedly boating out to pick up a 560kg shipment dropped by a ship off the Western Australia coast.

The Queensland trio – aged 49, 32 and 29 – face life imprisonment after being charged following raids in both states on August 11.

The huge drug haul – which police claim could have been used for 2.8 million street deals – was allegedly found wrapped in plastic at a home in the small coastal town of Kalbarri, about 570 kilometres from Perth.