Olympic cycling medallist Jack Bobridge has been charged by police for alleged drug dealing after a raid in Perth.

The two-time Australian national road race champion was arrested on Wednesday and appeared in Perth Magistrates Court on Thursday where he was charged with multiple offences.

"The investigation led detectives to charge the 28-year-old man with two counts of sell and supply a trafficable quantity of MDMA and three counts of sell and supply MDMA," police said in a statement.

Bobridge won two Olympic silver medals during his career – in the team pursuit events in 2012 and again in 2016.

But he was forced to retire last year due to the ongoing effects of rheumatoid arthritis, which was diagnosed back in 2010.

Perth police said he Bobridge was charged as part of Operation Inception, an investigation targeting entertainment precincts in the city.

Ecstasy, cocaine, methylamphetamine and cannabis worth a total of about $1m has been seized so far during the operation, with 61 people facing charges, police said.