It was reported that a man was forced from his vehicle at knifepoint by two men after he parked on University Road at about 7:40 am .
The men ran off after a member of the public shouted at them.
Half an hour later, police were waived down near Stranmillis embankment by a person who said they had been forced from their vehicle by two men with a knife.
Police subsequently arrested a 27-year-old man and 30-year-old man on suspicion of a number of offences including hijacking, attempted hijacking, robbery and driving while unfit.
Police have appealed for information from anyone who may have seen two men acting suspiciously in the University Road or Lower Ormeau Road area between 07:00 and 08:15 on Wednesday to contact them on the 101 number.