Authorities raided a house in northern Kedah state, which borders Thailand, on Wednesday and found the animals confined in small cages and boxes, said Celescoriano Razond, a senior wildlife department official.
A total of 302 cobras and five Malayan box turtles were taken into the custody of wildlife officials who plan to release them into the wild later, Razond said.
Another 141 turtles were found dead.
He said two men were arrested for keeping animals that are protected under Malaysian law, an offence punishable by several years in jail.
Authorities were still investigating the case but the animals may have been destined for restaurants in Thailand, he added.
Malaysia has pledged to fight wildlife smuggling, which activists say is rampant in the Southeast Asian nation due to regional demand for exotic dishes, pets, or traditional medicines derived from animals. (AFP)