Robbers reportedly threatened a woman with a knife in Old Town.
Police responded to calls from the scene near Wood Street at around 8am on Tuesday morning.
A spokesperson said: "Following swift local enquiries, a man has been arrested on suspicion of robbery. Two more men have been arrested on suspicion of affray.
"Road closures were put in place in the local area but have now been lifted.
"Our enquiries into the incident are ongoing.
"Anyone who witnessed the incident or has information is asked to contact us on 101 quoting log 49 of June 4."
Three police cars blocked the High Street as officers raided the flat above the former home of Co-op Funeralcare.
This happened after officers responded to a report of a robbery near Wood Street
Three men, one of whom was shirtless, were placed in handcuffs as a police car and van turned up at around 9.25am to take them into custody.
An ambulance arrived at around 9.30am as a police helicopter circled overhead.
Some officers gathered outside the entrance to the home to discuss their next steps while others wearing rubber gloves took clothing from inside the building.
The road closure caused queues of traffic to form around Newport Street and Wood Street.
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