Authorities responded to the vacant property in the 400 block of Whitegate Road after receiving a call at about 8:25 p.m.
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The Ventura County Fire Department said chemicals consistent with those used to manufacture drugs were found in the home.
"Our hazmat crews suited up and did make an entry, and they did recognize and identify chemicals that have been used in the past to manufacture drugs," said Cpt. Brian McGrath of the Ventura County Fire Department.
A realtor and a prospective buyer had noticed the chemicals when viewing the bank-owned property, according to McGrath.
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Nearby residents were notified through "reverse 911" to shelter-in-place. McGrath said the chemicals inside the home were stable and not leaking.
The fire department worked with the sheriff's office and Ventura County Environmental Health to assess the situation.
Eastbound Lynn Road was ordered to be closed at Lynnview Street.