Officers recovered quantities of suspected Class A and Class B drugs, cash and drugs paraphernalia.
As a result of the warrant at Warton Road, an 18-year-old man and a 19-year-old man, both from London, were arrested on suspicion of conspiring to supply a Class A controlled drug.
Both men are currently in police custody.
Inspector Ben Taylor, from the Basingstoke Neighbourhood Policing Team, said: “Drug-related activity will not be tolerated in Basingstoke.
“The role of the community in tackling this type of crime is vital – if we don’t know about, we can’t act on it.
“If you have information on drug dealing in your area, or know someone who might be vulnerable to criminal exploitation, please call 101.
“Alternatively, you can call Crimestoppers on 0800 555 111, where information can be left anonymously.”