Police say Otis McLeod, 41, was arrested after officers searched a home at 22 Blevins Place, in Regent Park, early Saturday morning.
The residence is just a few blocks away from the Regent Park apartment where Tyson Bailey was shot and killed on Jan. 18, though police have not drawn any link between the two incidents.
Three loaded handguns were seized in the raid.
McLeod is facing more than 20 charges.
Also on Saturday, police released the photo of a man they are looking for in connection with a search of a residence on George Street South, near Front Street East and Lower Jarvis Street.
Nicole Fetterly, 24, was arrested Wednesday and charged with a number of offences after a loaded firearm was seized.
Police are looking for Dexter Taylor-Bailey, 21, of Toronto, who is wanted on firearms charges, as well.