Dutch officials say they have recovered eight paintings by artists, including Pissarro and Renoir, that have been missing since 1987.
The works, dating from the 17th and 19th Centuries, were found in the south of the country after they had been offered for sale, police say.
Some of the works - which disappeared from Maastricht's art gallery - were found folded and seriously damaged.
Two men and a woman were arrested and will appear in court on Monday.
"The suspects were apparently trying to sell the art works to the insurance company that had paid out 2.27 million euros (£2m) after they went missing," a statement from Dutch prosecutors said.
"The investigation has yet to determine where the paintings have been for more than 20 years," it said.
The paintings were found in the towns of Valkenburg and Walem.
The works were by 17th Century artists David Teniers, Willem van de Velde and Jan Brueghel the Younger, as well as 19th Century painters Eva Gonzales, Pierre-Auguste Renoir, Camille Pissarro and Paul Desire Trouillebert.
Dutch officials have not given any further details.