Nick Mead and Todd Chamberlain expected to find old guns when they rummaged around the diesel container of the military vehicle they purchased on eBay.
Mr Mead, who runs Tanks-a-lot in Helmdon, Northamptonshire, was left in awe as he filmed his mechanic discovering the stash.
In the clip, after expecting to find weapons, Mr Chamberlain says: “Well, it’s not guns – that’s for sure.”
He then recovers the shiny gold bars, which are believed to have been looted by Iraqi soldiers during the invasion of Kuwait in 1990.
Todd Chamberlain showing off one of the gold bars
Nick Mead bought the tank off eBay for £30,000
This is better than having puppies! I don’t believe it
Mr Mead is heard celebrating from behind the camera.
He says: “Is that what I think it is? How heavy is it? Seriously?! Is that gold? Oh god, that’s about five or six kilos. Wow, good here innit [sic].
“See how many there are, find the rest! Yeehaah! What are we going to do with them?
“Oh my God. I don’t believe it, what do you reckon they’re worth? Where did they come from? It could be Kuwaiti or Iraqi.
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Nick Mead calling the police after the shock find
Nick Mead is remaining hopeful of keeping the gold slabs
“How many more are there? This is better than having puppies! I don’t believe it.”
The pair then phone the police after making the incredible find.
In the footage, Mr Mead says: “It's not something I'd thought I'd be doing, finding b***** great bars of gold hidden in a tank. Absolutely incredible.
“But, we've got to ring the police. I don't know whether this is millions or hundred of thousands worth. But one thing is for certain, I don't want it lying around my office.
“We'll get a receipt and hopefully, just hopefully, we'll get to keep it. What's the chance of us keeping it?”
But off camera, someone replies: “Absolutely zero.”
The origins of the tank are unknown but it is believed to be a Chinese copy of the Russian T-54 design made under the designation Type 69.
Northamptonshire Police has since taken the bars away for investigation and given the military buffs a receipt in return.
It is thought inquiries are being made in Kuwait to see if the haul can be matched to any bullion stolen during Iraq’s invasion in August 1990.