Residents were evacuated from their homes after a suspicious object was discovered in Donegall Avenue on Saturday morning.
Bus and rail services in the area were also suspended as army technical officers, who were sent to the scene, examined the device.
A PSNI spokesman said a "small viable explosive device" had sparked the alert.
It has been taken away for further examination and residents have been allowed to return to their homes.
A Translink spokesperson said normal service has resumed.