The 21 year old male was detained on suspicion of arson with intent to endanger life.
He has also been arrested on suspicion of aggravated burglary following an incident at the same property on Sunday evening, 01 October.
The suspect has been taken to the PACE custody suite at Musgrave PSNI station for questioning.
Police say that at around 8.40 pm last night, officers and the NIFRS were tasked to St Galls Avenue following a report of a fire at a house in the area.
A canister containing some form of flammable substance was set on fire at the door of the property.
The fire was extinguished by a resident before it took hold.