The Israeli military says it has seized 550kg (1,200 lbs) of explosives bound for the Gaza Strip from Egypt.
Israeli navy vessels intercepted a Palestinian boat sailing from Egypt last Wednesday, a spokesman said.
When the crew on the saw the navy boats approaching, they dumped the bags of TNT into the sea before escaping to the Gaza shore, the army said.
Israeli divers retrieved 11 bags from the sea floor at a depth of 30m (100ft), the spokesman said.
These were put on display for journalists on Tuesday.
Army spokesman Jacob Dallal told the BBC News website that the explosives had probably been transferred onto a Palestinian boat on the maritime border between Gaza Strip and Egypt.
In 2002 Israel seized 50 tonnes of explosives on the Karine-A ship, which Israel said had originated in Iran and was bound for Gaza.
The Palestinian Authority denied any knowledge of the shipment.
Last year Israel withdrew its soldiers and settlers from Gaza after 38 years of occupation.
It maintains control of Gaza's airspace and waters with the stated aim of preventing arms from reaching Palestinian militant groups.
In a separate development, Israeli security forces say they have arrested a Palestinian militant they allege is connected to the killing of at least five Israeli soldiers.
Israeli military officials said the man, Nasser Abayat - a member of an armed wing of the Fatah movement - was detained near the West Bank town of Hebron, along with two other members of the group.
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