Both armed and unarmed police attended a property in the Mabie area on the outskirts of the town at about 10pm on Saturday.
Guests at the nearby Mabie House Hotel were asked to remain inside while officers resolved the situation.
Police Scotland said the situation was resolved quickly and no-one was hurt. A 63-year-old man has been detained and enquiries are ongoing.
Malcolm Proudlock, owner of the Mabie House Hotel, said the venue had been hosting a function and was "very busy" when staff were notified of an incident taking place about half a mile away.
"The police asked us to remain inside, but other than that we don't know anything," he said.