He has been charged with a number of offences including aggravated vehicle taking causing damage, dangerous driving, criminal damage and driving while disqualified.
As is usual procedure, all charges will be reviewed by the Public Prosecution Service.
It follows a report of a stolen car from a car park in the Orchard Street area of the city on Friday evening, 3rd May.
A second man arrested aged 35 has been released on police bail pending further enquiries.
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