The 29-year-old woman had traveled from the capital of Bulgaria, Sofia, to Athens, then went on to Rio de Janeiro for around 10 days before returning to Athens.
It was upon her return from Rio that she was busted by police for carrying the cocaine in her luggage.
There is speculation from authorities that the woman was being used as a mule and was meant to deliver the drugs to a contact in Greece, although she stated that she planned on taking the bus from Athens to Sophia.
There is growing concern over an international drug smuggling network that is believed to have strong connections in Bulgaria, Greece and Brazil.
The woman has been arrested as investigators continue to look into the details of the case and any connections with drug smuggling rings.