The 29-year-old was detained at a bus station in the Mediterranean beach town of Benidorm and is suspected of drug trafficking, police said in a statement.
A photo released by police shows a sandwich opened in half with nine small cylindrical plastic capsules spread over cured ham and cheese.
Police found over a kilo of cocaine in the man's home in Benidorm as well as cannabis and detained his roommate, a 20-year-old Colombian national.
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Spain's close ties to its former colonies in Latin America have made it the key entry point for cocaine from the continent bound for Europe.