Detectives say they obtained evidence confirming the scheme and believe it has been going on for several months.
Back in May, a surge in global demand sent avocado prices to a record high. The three suspects, Chavez, Leblanc and Valenzuela, were allegedly selling them from an Oxnard ripening facility owned by the company.
A recent global demand for the fruit has seen its price reach a record high, nearly doubling in price according to data from financial data company Bloomberg.
Almost 80% of avocados in America come from its southern neighbor, with California struggling to meet just 10% of the higher than ever demand for them. Ventura County Sheriff's Office has called it "grand theft avocado".
Barnard said that he was tipped off by customers that "something was amiss", and by the company's bookkeepers who realised that their numbers had not been adding up. However, they believe the three suspects had been selling the avocados at around $20-$30 a box, way below the market price.
"I guess they got greedy and they got bulletproof", he told the newspaper. Seeing an opportunity to make a few quick bucks, the thieves simply continued to conduct the transactions and pocketed the cash, says Mission Produce president Steve Barnard.
In 2015, California exported $US25 million worth of avocados, according to the UC Davis Centre for Agricultural Issues.
According to the investigators, the stolen avocados had an estimated value in excess of US$300,000 and were sold to buyers who "thought they were paying Mission Produce for the fruit".