Gunshots were heard in Hall Park Street, just after 9am on March 29.
Around two hours later officers armed with semi-automatic weapons surrounded a house around half a mile away in Colerne Street, Ettingshall, where at least two men were detained and a suspected gunman was arrested.
Nobody was injured, West Midlands Police said.
A 21-year-old man arrested nearby on suspicion of possession of a firearm with intent to endanger life was later bailed, as was a 22-year-old man who was arrested later the same day on suspicion of possession of a firearm.
It was the first of three firearms incidents in the Black Country last week, as two men, aged 19 and 20, were injured in a double shooting in Bearwood on March 31 and on Saturday an 18-year-old woman was shot in the chest in broad daylight in Hughes Avenue, Bradmore.