George Williams, 57, and Monti Ware, 41, were arrested near the 3200 block of Artesia Boulevard on suspicion of possession for sale.
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Investigators said Ware is an ex-felon and also faces charges for possession of a firearm and ex-felon in possession of firearm and ammunition.
Authorities said they found methamphetamine, marijuana and a gun after raiding the truck.
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Williams' bail was set at $30,000 and Ware's was set at $50,000.
Police did not disclose who owns the ice cream truck.