He was detained on suspicion of a number of offences, including possession of class B controlled drugs, possession of a firearms and motoring offences.
Detective Inspector Kerry Brennan said: “Following a hit and run road traffic collision in the Ravenswood Park area of east Belfast on Saturday 23 February police recovered a quantity of class A controlled drugs, a quantity of cannabis and an Air Pistol from the vehicle.
“A silver Peugeot Coupe had crashed into the garden of a property causing damage to both the gate and wall of the property.
“Fortunately no one was injured as a result of this collision but this could have been much more serious.
“The driver made off from the scene.
“The 41 year old suspect was arrested in the Belfast area earlier today by officers from PSNI Auto Crime Team Crime.
“He has been taken to Musgrave Police Station for questioning.
“This arrest demonstrates our ongoing commitment to investigating this reckless act and disrupt the illegal supply of drugs in the local community.
“We are actively tackling the issue of drugs and I would appeal to the public to speak to us if they have any concerns or information regarding drugs in their communities.
“I would appeal to anyone who has information, or concerns about these type of criminal activities to get in touch. We will act on information we receive.
“It may not always be visible and immediate but, please be assured, every piece of information is assessed and acted on.
“Anyone with information should contact the PSNI on 101 or alternatively, information can also be provided to the independent charity Crimestoppers on 0800 555 111 which is 100% anonymous and gives people the power to speak up and stop crime.”