Officials say the submarine-like vessel is floating about 15 meters (50 feet) under the surface of the Caribbean off the Honduran coast after the crew tried to sink it.
They say divers have recovered part of the cocaine aboard the craft. They estimate it was carrying as much as five tons.
Defense Minister Marlon Pascua said Thursday it was the first time Honduran authorities have seized such a craft in their waters.
A coast guard patrol detected the craft Wednesday off the coast of the sparsely populated province of Gracias a Dios, near the Nicaraguan border.
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