A man in his late 20s is scheduled to appear before court today in connection with the incident in Inchicore on Wednesday afternoon.
His charges will be heard in the The Criminal Courts of Justice at 4.30pm this evening.
The arrested man is currently detained under Section 30 for the Offences against the State Act, 1939 at Ballyfermot Garda Station.
Shots were fired on Jamestown Road just before 2.50pm after Gardaí intercepted a van on route to an alleged 'hit' that was about to be carried out.
A firearm with a silencer was recovered at the scene and one man was arrested by members of the Special Crime Task Force during an operation in Dublin.
One man arrested at the scene but the second man escaped.
A a dark coloured jeep was abandoned nearby at Tyrconnell Park a short time later. This is thought to be involved in the incident in which the suspect fled the scene.
Investigating Gardaí have preserved the scene for forensic examination and the Garda Ombudsman Commission have been notified.
The operation is ongoing and Gardaí have appealled for witnesses to come forward who may have information on the incident.