Thames Valley Police officers from the Banbury Neighbourhood Team arrested a 40-year-old man from Banbury on suspicion of possession with intent to supply and possession of an offensive weapon.
The arrest was made after officers served the misuse of drugs warrant at a property on West Street, Banbury.
Officers have seized a quantity of class B drugs, cannabis, and an illegal weapon, a butterfly knife, from the address.
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The suspect remains in police custody this afternoon, Monday January 10.
To report incidents such as this to police call 101 or anonymously via Crimestoppers on 0800 555 111.