Officials led by the Natural Resources and Environment Crime Suppression Division discovered three-year-old Dollar - also known as Pimai - at a camp in Phuket's Srisoonthorn district.
Although Dollar has a microchip in his large left ear, officials aim to check further to see whether the microchip is genuine.
Owner Dhatsapon Loakam, 54, said he bought the elephant from the Safari camp in southern Patong - owned by Patong's Deputy Mayor Chairat Sukban - for 800,000 baht and transferred it to Srisoonthorn just three days ago.
A second raid at a camp on Big Buddha Hill in southern Phuket led to blood tests on a two-year-old female, Namphon, who may have been taken from a park in another part of Thailand.
While the animals remain at the camps and further tests are to be undertaken on Phuket elephants, those found to have been poached will be confiscated.