Detectives arrested the man on suspicion of theft, criminal damage, arson, possession of a firearm without a licence and possession of a firearm in suspicious circumstances.
A digger was stolen from a nearby site on Tuesday, which was later found on fire and a built-in cash machine stolen from the filling station, causing substantial damage to the building.
A van, trailer and the ATM were later recovered in the Moy Road area.
Anyone with information is asked to contact police on 101 or information can also be provided by calling the independent charity Crimestoppers on 0800 555 111. You can also submit a report online using our non-emergency reporting form via www.psni.police.uk/makeareport/