The submarine was caught in a village in a remote province of Choco south of Panama, according to Carlos Enrique Rodriguez, deputy director of the anti-narcotics police.
It was the second time the police captured a submarine over the last weekend. And it was a bigger submarine which could carry 10 tones of cocaine, he said in a report by Xinhua
The submarine was equipped with sophisticated navigation system including GPS and multiple vision cameras and built of steel and fiberglass.
The hi-tech features of the submarine enable the drug cartels to escape maritime police who are patrolling Colombian and international waters.
The submarine can last 10 days underwater and can accommodate 5 crew.
According to Rodriguez the submarine is owned by Revolutionary Armed Forces of Colombia (FARC) guerrilla group.
The submarine was reported to have been constructed at the cost of $2 million and it can carry up to five tons of cocaine.
The submarine has not been used yet to transport drugs, the Daily Mail
'It was going to be used by the narco-terrorist 29th front of the FARC [Revolutionary Armed Forces of Colombia] in alliance with organisations of drug traffickers who operate in this southern area of the country,' drugs police chief Gene Luis Alberto Perez Alvarado said, adding that it 'has not yet done its first trip'.
Much of the cocaine that are transported to Mexico comes from Colombia the center of cocaine industry and the cartels are now using hi-tech transport equipment that are hardly detected by police authorities.