Authorities confirmed that 6,600 gold bars worth more than $CAN20 million ($AUD22.66 million) and $CAN2.5 million ($AUD28.32 million) in foreign currencies were stolen.
The gold was melted down and used to purchase illegal firearms.
Among those charged are an Air Canada warehouse employee and a former Air Canada manager who gave investigators a tour of the facility at Pearson International Airport after the theft.
A jewellery store owner has also been charged.
Authorities have asserted that a truck driver arrived at the cargo warehouse with a fraudulent bill provided to an airline warehouse attendant. A bill for seafood collected the day before was used to pick up the gold.
"This story is a sensational one and which probably, we jokingly say, belongs in a Netflix series," Peel regional police chief Nishan Duraiappah told The Guardian.
Five suspects were arrested in Canada and released on bail pending trial. One suspect from Ontario was arrested in Pennsylvania.
Warrants have been issued for the remaining three suspects.
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