Police were called to Union Street, Tipton, early Saturday where two men were arrested and two crossbows were recovered from a car.
Officers also found more than 1,000 cannabis plants growing inside Tipton Conservative Club, which closed down in 2016. There were no reports of injuries.
A spokesman for West Midlands Police said: "Officers were called to reports of men brandishing weapons at around 12.30am Saturday.
"Two crossbows were recovered from a car and two men were arrested. No one is believed to have been injured.
"Anyone with information has been asked to contact police via live chat at west-midlands.police.uk, or via 101.
"Alternatively contact Crimestoppers anonymously on 0800 555 111."
People are asked to quote log number 91 of May 30 when contacting the police.
Officers who discovered the cannabis factory said it was "such a shame for a beautiful building to be used in such a way", said Tipton police on Twitter.
Photographs published on social media showed dozens of plants growing under artificial lights.
Tubes, wiring and ventilation fans could be seen hanging from the ceiling.
Since closing down four years ago, proposals have been made to turn the Conservative Club into 14 new homes.
It was once a fixture of Tipton for more than 100 years after it became Tipton Conservative and Unionist Club in 1909. Before that it was a flour mill.
During its heyday it had around 3,000 members.
The club hosted Conservative politicians such as former leader William Hague, ex Deputy Prime Minister Michael Heseltine and Wolverhampton MP Enoch Powell.
However, the building has now succumbed to being a drugs factory.
It is the latest cannabis factory to be found by police in the Black Country.
On May 28, a quantity of cannabis was seized at a property on Mill Street, Wolverhampton, after officers executed a drugs warrant.
And on May 25, 120 cannabis plants were found at a house in Salisbury Road, Smethwick, after a man was stabbed.