The increasing accumulation of solid waste worldwide has made it necessary to look for alternatives that improve the operation of recyclable waste collection systems to make waste treatment more profitable and eco-friendlier. This paper introduces a new variant of the multi-compartment vehicle routing problem (MCVRP) that considers the rearrangement or relocation of collection points and packing the demand. This problem is called the location packing multi-compartment vehicle routing problem (LPMCVRP) and is developed for a waste collection system using vehicles with flexible compartments. A mathematical formulation of the problem is proposed. A two-phase metaheuristic algorithm based on a tabu search without packing considerations and a variant that integrates a tabu search and a greedy randomized adaptive search procedure (GRASP) scheme with packing constraints have been proposed. A set of instances adapted from the literature is generated to validate the proposed solution strategy. The results obtained show the efficiency of the proposed solution scheme for optimizing collection systems.