Great white sharks are a protected species in South Australia and commonly found off the Port Lincoln coast around the Neptune islands.

A 12-month investigation by PIRSA Fisheries led to the arrest on Friday of a charter fisherman from Whyalla and another male from Whyalla for alleged offences under the Fisheries Management Act. A third man was also reported for similar offences.

It is alleged the three men were involved in the unlawful killing of a great white shark and the sale of jaws and teeth.

The two arrested men have been bailed to appear in the Whyalla Court at a later date.

As part of the operation, Fisheries officers seized the man's commercial charter fishing vessel, a vehicle and various fishing equipment, all valued in excess of $120,000, as well as the shark jaws and teeth.