At around 1.45 pm, City Centre Neighbourhood Team officers carrying out patrols related to retail crime were alerted to a report of attempted theft involving two men at a shop in the area.
At 4.50pm, two men matching the description of the two male suspects were spotted in the area.
One of the men, aged 24 years old, was detained and subsequently arrested by officers.
The second suspect, aged 27 years old, ran off.
Officers pursued the suspect and he was subsequently arrested a short time later.
The 24-year-old man was arrested on suspicion of a Class C controlled drug.
The 27-year-old man was arrested on suspicion of disorderly behaviour, possessing an article with point or blade in a public place, theft, fraud by false representation and handling stolen goods.
Both remain in custody at this time assisting police with enquiries.
Sergeant Walsh said: “As a result of this incident, our officers recovered a large knife.
“I want to take this opportunity to thank the public for their assistance with this incident.”
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