A security alert was sparked in the Barnfield Road area of the city on Friday.
Army bomb squad officers conducted a clearance operation in the city, which ended shortly after 6pm.
It comes after officers from the Serious Crime Branch arrested two men in the area overnight.They have been taken to Antrim Serious Crime Suite where they remain in custody.
Meanwhile three men arrested in west Belfast and a woman who was detained in Dunmurry, as part of a major investigation into dissident republican activity, have been released without charge.
UTV Correspondent Sharon O'Neill said: "At this stage, police are officially saying very little, but the speculation in the area is that they have thwarted some sort of dissident republican attack.
"The suspects are being held at Antrim and we'll just have to see what emerges."