The device was discovered during a planned operation in County Monaghan, close to the border with Northern Ireland. The bomb was made safe by the Irish Army's Explosive Ordnance Disposal team before being removed for forensic examination.
Police said the operation had prevented an attack that could have caused "devastating consequences". Garda (Irish police) Commissioner Drew Harris described the device as "extremely significant". At the same time, Assistant Commissioner Angela Willis said it was one of the most sophisticated improvised explosive devices recovered in recent years.