Published Thursday, 02 January 2014
The men were questioned and later released on police bail. (© UTV)
The incident happened in the Drumbeg Mews area of the city shortly after 2.20am on Wednesday.
It is believed that a man punched another man in the area in the early hours of New Year's Day.
Following the incident, the man who was punched produced a firearm and pointed in the direction of the other man and a woman in the area.
Police said the man armed with the firearm then made off towards Belvoir Road in east Belfast "in an old-style silver Ford Fiesta Flight".
Two men, aged 21 and 20, were arrested after police stopped the car at Melfort Drive in the Tullycarnet area shortly before 4.20am.
A spokesperson for the PSNI on Thursday said the pair have both been released on police bail pending further inquiries.
© UTV News