It follows a planned search of a property in the Trinity Square area of Magheralin today, Friday 10 July.
Officers carried out a planned search of the property this morning and uncovered a quantity of class A and class B controlled drugs.
A basic field test indicated the powder was cocaine, a class A drug to the value of £7,200 and herbal cannabis, a class B drug estimated value of £10,000.
A deactivated firearm was also recovered from the scene.
Detective Inspector Trevor Stevenson said, “The man aged 29 and woman aged 25 years have both been arrested on suspicious of possession of Class A and B controlled drugs, possession of Class A and B controlled drugs with intent to supply and possession of a firearm in suspicious circumstances and are currently assisting with enquiries.
“PSNI remains committed to tackling the sale and supply of drugs into Northern Ireland and will continue to carry out intelligence led and proactive operations like this one.
“Information from communities is vital in this and we would encourage people to continue to raise their suspicions with us and enable us to take action against the organised crime gangs involved in this kind of criminality.”