The 22-foot fishing boat was discovered by firefighters about 6:30 a.m. near the Palm Beach Country Club, The Palm Beach Post reported.
When police arrived, they found the drugs on the boat, said Palm Beach police spokesman Fred Hess, who estimated the street value of the marijuana to be up to $2 million.
A Fort Lauderdale man was taken into custody near the scene, Hess said. The man maintained he had nothing to do with the boat and was just having an argument with his wife at the time.
Officials were searching for anyone who may have been on the boat, Hess said.