Oliver RCMP say the man was taken into custody on Tuesday afternoon, along Main Street, following a 911 call at 1:20 p.m., about a man with a gun in his waistband.
Police say the suspect was located outside a bank and a firearm was seized. They said a second man was also arrested at the scene.
RCMP said both were cooperative before being transported to the Oliver detachment for further investigation.
Police added that a search of a vehicle associated with the two suspects turned up a sawed-off shotgun, albeit with no ammunition.
They noted that no other weapons or ammo was found inside the vehicle, or anything to indicate criminal intent.
“I have been in contact with the financial institution and a local business operator and verified that at no time were there any threats nor violence associated to this incident,” Oliver RCMP Sgt. Don Wrigglesworth said in a press release.
“This high-risk matter was responded to and controlled with public and police safety at the forefront of our minds and thankfully the incident was resolved peacefully.
“Any time a prohibited gun is possessed by an individual, and carried in their waistband, I presume that the intent to do so is not for any good reason,” Wrigglesworth said.
Police say a 33-year-old Oliver man was released later Tuesday on firearms-related charges with an April court date. The second man was released without charges.