Shortly after 5pm yesterday, Tuesday, 21st, Gardaí from Ballyfermot were on patrol in the Kylemore area of Dublin 10.
Gardaí observed two males from a distance.
At one point, what appeared to be a firearm was produced.
Additional Garda units soon arrived on the scene and the two men were arrested.
Following a search of the area, a firearm and ammunition was subsequently retrieved by Gardaí.
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The men, who are both aged in their 30s, are currently detained under Section 30 of the Offences Against the State Act, 1939/98 at Clondalkin Garda Station.
The firearm and ammunition will now be sent to the Garda Ballistics Unit for analysis.
Investigations are ongoing.