The incident happened in the Washing Bay Road area of Coalisland yesterday evening, Thursday 4 August.
Detective Sergeant Reid said: “At approximately 7.35pm we received reports that a man had been seen in the area with a firearm. Officers attended the scene and arrested two men.
“A 31-year-old man was arrested on suspicion of possessing a firearm in suspicious circumstances, possessing an article with a blade or point in a public place and threats to damage property.
“A 37-year-old man was arrested on suspicion of possession of a firearm or imitation firearm with intent to cause fear of violence, possessing an article with a blade or point in a public place, possessing ammunition in suspicious circumstance and threats to damage property.”
Police later charged both suspects.
Detectives charged the 31-year-old man with a number of offences including carrying a firearm in a public place, possessing an article with a blade or point in a public place, possessing a firearm in suspicious circumstances and threats to damage property.
He is expected to appear at Dungannon Magistrates court tomorrow, Saturday 6 August.
A second man, aged 37 was charged with carrying a firearm in a public place, possessing ammunition, possessing an article with a blade or point in a public place, possession of a firearm or imitation forearm with intent to cause fear of violence and threats to damage property.
He appeared before Dungannon Magistrates Court earlier today, Friday 5 August.