Officials say the ring was manufacturing and selling counterfeit car parts and selling them as well known brands.
Many of those parts were sold to taxi operators, and authorities believe many taxis are driving around on city streets with the fake parts.
One of the raids was in Queens, with two others in Paterson, New Jersey.
Agents identified the suspects as Shashi Mahhorta, Fadi Kilani, and Richard Dininni.
More than 50 agents are on the scene at 35th avenue where inside they found car batteries, boxes of brake pads, and other car items stocked floor to ceiling.
Officials say the car parts marked in boxes with Ford, Chrysler, and GM on them were actually not from those companies but were generic pieces.
The TLC tells Eyewitness News there is no need for concern, and every cab is inspected three times a year.
"We congratulate the FBI on this investigation and today's operation. The public may remain confident in the safety of New York City taxicabs by virtue of the frequent and exhaustive inspections they each undergo at the TLC's own state-of-the-art facility, but successfully keeping counterfeiters like these at bay is crucial," said David Yassky with the NYC Taxi and Limousine Commission.
The FBI plans on being at the Queens location for days as they log all of the parts.
LINK: VIEW PHOTOS FROM BUST
Get Eyewitness News Delivered