The man was arrested after a quantity of suspected cannabis was found following the search of a car at Derryvolgie Avenue on Wednesday evening.
A follow up search was then conducted at a property on the Ormeau Road where suspected cocaine with an estimated street value of approximately £125,000 was recovered.
The man has been arrested on suspicion of a number of offences including possession of a class B drug with intent to supply and possession of a class A drug with intent to supply and he remains in custody at this time.
Chief Inspector Mark Conway said: “As a result of this excellent police work a large quantity of suspected dangerous controlled drugs are now safely off our streets.
“Drugs have no place in our community and I am making a direct appeal to anyone with information about the illicit supply, possession or misuse of drugs to contact police on the non-emergency number 101, or submit a report online using the non-emergency reporting /.
!You can also contact Crimestoppers anonymously on 0800 555 111