The 46-year-old suspect detained on suspicion of possession of class A, B and C drugs and possessing class B drugs with intent to supply.
He was arrested following a planned search of a property in the east of the city on Friday evening and taken to Musgrave PSNI station custody suite.
Police are jubilant with the drugs find.
Sergeant Michael Barton said: “The search of the property has removed a significant amount of suspected drugs from the community.
“Once again, we are appealing to the public that anyone with concerns about drug misuse or supply in the community, to contact police on the 101 non-emergency number and we’ll do our best to do something about it.
“Alternatively, information can be provided anonymously to the independent charity Crimestoppers on 0800 555 111.”