Joint operation between Spanish police, customs officials and Britain's National Crime Agency.
The British flagged yacht carrying the drugs.
The market value of the drug is more than 30,000 euros.
The Colombian was detained at the end of June.
A Dutchman of Dominican origin collapsed and died at a Playa de Palma hotel after four sleeves of cocaine burst in his stomach.
Four people in all have so far been arrested, though this number is expected to rise to ten.
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