During the incident, a woman was approached by a man with a knife at New Barnsley Park at about 9 pm on Friday.
He damaged the front window of the car, forced her out of it and then drove off.
The car was later found abandoned at La Salle Drive.
The woman was not hurt, but was left shocked.
Police said the man was arrested in south Belfast on Saturday evening.
He is being questioned about hijacking, kidnapping, false imprisonment and aggravated vehicle taking.