Officers attended an address in Millbeck on Friday (25 September).
The 38-year-old man from Rugby was arrested on suspicion of being concerned in the supply of drugs. He was later released under investigation while enquiries continue.
Warwickshire Police is urging anyone who suspects drug dealing in their area to report it online or by calling 101. Alternatively, information can be provided anonymously to the independent charity Crimestoppers on 0800 555 111.