Const. Gary O'Brien says four people were in the residence and that a 31-year-old man and a 21-year-old woman were taken into custody Tuesday night.
Police say many of the goods were allegedly stolen during a recent break-in at the media studies department at Vancouver Island University.
O'Brien says firearms and hundreds of keys were also part of the haul from other break and enters throughout Nanaimo.
The man and woman were expected to make a court appearance Wednesday on various criminal charges.
O'Brien says police will be trying to return the stolen items to their rightful owners.