(Centennial Square/Google Maps)

UPDATE: A consensual search of the a bag lead to the discovery of a handgun shaped lighter.

It is unclear whether this is the item that was seen by the person who called the police. However, the person arrested has been released from custody and no charges are anticipated.

Earlier: Victoria Police have just stated that they are responding to a call about a person with a firearm located at Centennial Square.

Officers are currently investigating, and no injuries have been reported.

One person is in custody, but it is not clear whether the arrest is linked to the initial call about the firearm.

Although the investigation is in its early stages, police do not believe there is an ongoing threat at this time.