At one house, cocaine with a street value of £8,000 was found alongside two kilos of cutting agent and a cocaine press.
Further searches of the house revealed a 9mm pistol as well as ammunition and a stun gun.
A 30-year-old man has been arrested on suspicion of conspiracy to supply class A drugs and money laundering.
Police also arrested a 28-year-old man on suspicion of conspiracy to supply Class A drugs.
Both men have now been bailed until July 31.
One resident, who lives in the area and asked to remain anonymous, said: “I heard it happening at about six in the morning. I heard a bang and some shouting as well as dogs barking.
“I had heard a rumour of things going on in the area but I wasn’t ever sure if it was true — it is surprising to hear about what was found because for as long as I have lived here this has been a nice avenue.”
Another resident, who also asked to remain anonymous, added: “I had no idea that anything to do with drugs was going on here. It is a really decent road and most people who live here work.
- LIVE: Tributes after 22 dead in suicide bomb attack at Manchester Arena
- VIDEOS: Emotional scenes in Bolton as candles lit and prayers held for victims of terror attack
- Teenage boy in hospital with life-changing injuries as doctors battle to save his eye after terror attack
- UPDATES: Family's desperate plea as teenage girl missing after Manchester terrorist attack
- Homeless man tearfully describes moment he cradled dying woman after Manchester terror attack
“There are some kids that make a bit of noise playing out but there has never been any trouble. To hear what has been found is shocking.”
The raids happened on Tuesday.
Andrea Jones, from Bolton police, said: “Residents tell us on a regular basis they want drugs and drug dealing tackled and I hope these warrants prove that we will not stand for this type of crime.
“Drugs are the scourge of our communities and we are determined to rid them from our streets, however, for us to do that, we need your help.
“If you know where drugs are being produced or dealt, please contact police. The information you receive will be treated with the strictest of confidence.
“The weapons seizure is also an important find and we have ensured they are taken off the streets so no one can come to any harm.”