The U.S. Attorney's Office said the drugs were flown into Gary-Indiana airport last Wednesday in suitcases on a private plane that started its flight in Mexico.
There were 80 kilograms of cocaine found in a vehicle in River North and another 20 in a North Side hotel room.
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The private plane, a Bombardier Challenger 600, has been seized, and three people were arrested.
Sebastian Vazquez-Gamez, 30, of Toluca de Lerdo, Mexico and Rodrigo Alexis Jimenez-Perez, 25, of Columbus, Indiana were arrested Wednesday in downtown Chicago, while Sergio Ivan Blas, 39, of Indianapolis, Indiana was arrested Thursday in the Indianapolis area.
Jimenez-Perez is due in court Tuesday afternoon, Vazquez-Gamez is scheduled for Wednesday afternoon and Blas will also appear Tuesday in Indiana.