Suspicious items were found during a house search in Broom Close in Twinbrook on Sunday morning.
The items were examined by army bomb experts and have been removed for forensic examination.
The woman, 57, was arrested in connection with the search and remains in custody.
Police remain in the area, but the security alert has ended.
The PSNI have refused to comment on a Sinn FÃ©in claim that a significant amount of explosives and munitions were found.
A woman has been arrested by detectives investigating dissident republican activity after a security alert in west Belfast.