The unknown man was reportedly arrested after police officials stated that he was planning to throw explosive devices at people in Times Square.
According to the CBS New York, the suspect was detained when he went to buy the explosives. The man reportedly filmed surveillance footage of Times Square and allegedly tried to purchase weapons, including grenades and guns without serial numbers.
The suspect is expected to appear in federal court in Downtown Brooklyn later on Friday, the report said.
The officials reportedly said that the man had been under surveillance for some time and was being closely monitored by authorities.
Times Square has been a frequent target of ambitious terrorists because of its reputation as the "Crossroads of the World".
Despite the heavily strengthened police presence, Times Square, which receives millions of visitors each year, has been the target of at least two attempted bombers in recent years.