The explosives, detonators, handguns and ammunition were seized during a police operation that began on Thursday night and lasted into Friday morning.
They were found at a house on the Ballymurphy Road.
Police said the operation was part of an investigation into "violent dissident terrorist activity".
A 67-year-old man and a 38-year-old woman were arrested in connection with the incident.
Police said on Saturday night that they had been released pending a report to the Public Prosecution Service.
Earlier on Saturday, Ulster Unionist MP Tom Elliott congratulated the police on the find, but added: "The recovery of Semtex is particularly interesting, given that that particular explosive was brought into this country by the Provisional IRA from Libya several decades ago and was of course supposed to have been entirely decommissioned in 2005.
"We need to know how old the material was and if it is proven to have come from an old PIRA arms stockpile, we need to know just how it came into the possession of dissidents.
"In light of the announcement by the secretary of state of a new independently reviewed assessment of paramilitary organisations, these are exactly the type of questions which need to the answered."
Asked about the find on Friday, Sinn FÃ©in Deputy First Minister Martin McGuinness said: "Whenever I hear of arms and munitions being found I'd be very happy about that, I'd be very pleased that the police service are doing their job in protecting the community.
"I think all of that goes to show what people have accepted for a very long time, that there were people within mainstream Irish republicanism who left and in leaving took some equipment with them.
"I think it's as simple as that. From our perspective what we have to do is continue to support the Garda and the PSNI in the good work that they're doing."
The discovery of half a kilo of Semtex explosives in west Belfast raises more questions about what arms paramilitary groups still possess, the UUP has said.