Detectives from the proactive unit executed search warrants at addresses in Rosebank Gardens and Mercer Street.
Officers recovered 550g of heroin and 40g of cannabis, which have a combined estimated street value of £55,000.
A 27-year-old man and a 43-year-old woman were subsequently arrested in connection with this.
Detective Constable Brendon Moyles said: “This action again demonstrates our commitment to acting on local concerns and tackling the supply of controlled drugs.
Grangemouth driver smashed into car then walked off
Falkirk Council: Local authority apologises to residents hit by cuts to bus services
Can you help Falkirk cops find canine cutie's owners?
Grangemouth offender pinched a shopping trolley and garden chair
Rosebank: 31 Year Old Lowland single malt from original Falkirk distillery casks on sale for £1800
"Information from the public is vital in helping us to prevent the harm that drug misuse causes to both the individual and the wider community.
"If you have any information or concerns about drug misuse, I'd encourage you to contact us on 101 or make an anonymous report to Crimestoppers on 0800 555 111.”
The man and woman are expected to appear at Dunfermline Sheriff Court today.