Cyprus police spokesman Andreas Angelides says the suspect, who was staying in the southern town of Larnaca, faces charges of conspiracy to commit a criminal offence and possession of ammonium nitrate.
Justice Minister Ionas Nicolaou says Thursday's detention came after a probe by Cyprus' security services.
It wasn't immediately clear if it was linked to a potential attack.
In 2013, a Cyprus court sentenced a Swedish-Lebanese man to four years in prison after finding him guilty of helping to plan attacks on Israelis in Cyprus.
No Israelis were attacked.
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