The man, who was detained in west Belfast on Tuesday, is in police custody at Musgrave PSNI station.
He is being questioned over a firearm, stun gun and approximately 1kg of cocaine as well a quantity of cash.
The items were recovered from a house in the Newtownabbey area on 22 and 23 of June this year.
Detective Inspector Pete Mullan said: “We remain committed to making Northern Ireland a hostile environment for those individuals and groups who are involved in crime.
“We will continue to work to identify them, disrupt their activities, arrest them and place them before the courts.
“We will also seek to ensure that they do not derive any material benefit from their illegal activities.
“Anyone with information about drugs or any illegal activity can contact police on 101.
“Or alternatively, information can be given anonymously to the independent charity Crimestoppers on 0800 555 111.”