Travellers crowd the security queue in the departures lounge at Toronto Pearson International Airport. File/Reuters

Canadian police are investigating the theft of a C$20 million ($14.84 million) cargo of gold and other valuables that was stolen from a holding facility at Toronto Pearson International Airport on Monday.

The cargo was reported missing after arriving on an aircraft early Monday evening, Peel Regional Police Inspector Stephen Duivesteyn told a news conference on Thursday. Duivesteyn said after the aircraft landed the cargo was unloaded and taken to a holding facility, as per normal procedure, but disappeared some time afterwards.

"Subsequent to its arrival this high value cargo was removed by illegal means from the holding facility," Duivesteyn told reporters. The cargo was reported missing to police a short time later. Duivesteyn would not say where the aircraft carrying the cargo had come from, or its final destination.

Reuters