A 44-year-old Godshill man was arrested on suspicion of possession of a firearm with intent to cause fear and violence.
The arrest took place when police attended an address in Downview Road, Sandown last Friday afternoon.
The police also arrested a 47-year-old woman from Sandown on suspicion of being concerned in the supply of a controlled Class B drug.
It is currently unclear as to whether this is the same man who was arrested last Wednesday on drugs suspicion in Newport.
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The man and woman have now been released by police.