Firearms officers were deployed following reports of two disturbances in the island within 40 minutes of each other.
In the first incident, at about 5.30pm on Monday, police were called following reports of a disturbance at Archallagan Terrace, Foxdale, where a man was thought to be armed with an axe.
No one was injured.
A man was arrested and has now been bailed pending further inquiries.
A police spokesman declined to comment on whether armed officers were deployed.
But it is understood that while that incident was being dealt with, a call came in of another disturbance on Nassau Road, Bride, where there were reports of shots being fired. Again, no one was injured.
A man was arrested at the scene and reported for minor offences.