According to a security source, the missiles were supposed to be shipped to Gaza through underground tunnels.
He described the missiles as being 75 centimeters long, with a two kilometer range.
The source said that six U.S.-made missiles were discovered before being shipped to Gaza, adding that the missiles may have been smuggled from Libya to Sinai.
Israel has raised concerns that weapons smuggled from Libya, where a revolt against leader Muammar Qaddafi left an abundance of arsenal, were finding their way to the Islamist Hamas-controlled Gaza through Egypt.
Arms-dealers are believed to smuggle the weapons into Gaza through a network of tunnels also used to take food and other contraband into the Palestinian enclave. The Gaza Strip has been under blockade since 2006.