The suspect entered the Iceland supermarket in the Newtown Industrial Estate at around 6pm yesterday where he threatened staff with what is believed to be a handgun.
After a few seconds, the suspect who is aged in his mid 20s fled empty handed and gardai in nearby Coolock Station were notified.
An alert immediately went out and two officers on patrol in the area spotted a suspect matching the description of the culprit.
The gardai watched the suspect for up to an hour while their colleagues trawled through CCTV to positively identify the man.
He was then arrested at a house he entered and brought to Coolock Garda Station at around 7.30pm
A garda spokesperson said: "One man, believed to have been armed with a firearm, entered the premises, threatened staff and subsequently left with nothing.
"No persons were injured during the incident.
"In a follow-up search a man was arrested and is currently being detained at Coolock Garda Station under Section 30 of the Offences Against the State Act."
Yesterday's attempted armed robbery at Iceland happened less than 24 hours after a teenager was held at gunpoint and forced to open the safe of a family newsagents in north Co Dublin.
Gardai are still hunting two masked raiders who escaped with the day's takings in the raid on Carey's Foodstore in Portmarnock on Sunday night.
Nathan Carey (18) was behind the counter when the two men, armed with a handgun, walked into the shop, close to the DART station, at around 8pm.
Cash and cigarettes were stolen before the raiders drove away in a dark car towards the DART station.
There were no customers in the shop, leading gardai to believe that the raiders had been watching the premises closely waiting for the right time to strike.
Gardai from Malahide are investigating Sunday night's robbery and have appealed for anyone with information to come forward.