A gun has also been recovered. Drugs, cash and two vehicles were also seized.
The 38-year-old woman is suspected of having been in possession of the gun.
On Friday morning between 9am and 10am a van driver was hijacked on the Shankill Road. A hoax device was placed in his van and he was ordered to drive to Holy Cross Church in the Ardoyne area of Belfast.
Ireland's Minister for Foreign Affairs Simon Coveney was giving a talk to the Hume Foundation at Holy Cross. He was subsequently evacuated.
25 homes in the area were also evacuated and a funeral in a nearby church was postponed.
Police are holding the UVF responsible but refused to be drawn on any specific motivation for the incident.
Enquiries are ongoing.
