Police said that two men - one of them armed with a suspected gun - arrived at a house in the North Queen Street area, just before 4pm on Saturday, 16 September.
A woman who was inside the house was alerted to the two men outside, police said. When she opened the door the man armed with a suspected gun pointed it at her and demanded money.
The suspects were challenged outside the property and the armed man then threatened a man and again demanded money.
The two suspects then made off in a white campervan type vehicle and travelled along North Queen Street to the junction of the Limestone Road, Belfast.
“Officers stopped the vehicle a short time later in the University Street area and made two arrests," police said.
“The men, aged 36 and 24, were arrested on suspicion of a number of offences including, threats to kill, common assault and possession of a firearm or imitation firearm with intent to cause fear of violence.
“They remain in custody at this time, assisting detectives with their enquiries."
Police are appealing to anyone who was in the North Queen Street area during this time and noticed anything suspicious to contact them.
Police are also appealing for anyone who has relevant mobile, doorbell or CCTV footage to contact them on 101 quoting ref 1125 of 16/09/23.
Alternatively information can be provided to Crimestoppers anonymously on 0800 555 111, or online at www.crimestoppers-uk.org