More than 700 pounds of cocaine with a street value of $121.2 million has been seized and seven people arrested in a raid on two Orange County homes, police said. The arrests and seizure were carried out over the weekend by Los Angeles police detectives, the federal Drug Enforcement Administration and Fountain Valley officers, authorities said. All but one of the suspects are Colombian nationals. Police said 712 pounds of cocaine, about $8,400 in cash and a pickup truck were seized along with the suspects at two Fountain Valley homes. Held in lieu of $5-million bail each were Arturo Acuca, 30, Hernando Iglesias, 26, and Elena Martinez, 47, all of Miami, Fla.; Lopez Fernando Duque, 31, of New York; Francisco Moran-Rodriquez, 38, and Jorge Prada, 25, both of La Puente; and an unidentified man in his late 20s.