Police chiefs said they had been called to Sneyd Lane, Bloxwich, after receiving a call at around 2.20am on Tuesday from a person calling for help.
Specialist negotiators were sent to the scene and the road was closed off as officers dealt with the situation. No properties were evacuated, police said.
The road was closed from Sneyd Lane to Cresswell Crescent in Bloxwich this morning. Some bus services have been diverted.
A spokesman for Walsall Police said: "We’ve arrested a 71-year-old man on suspicion of threats to kills, he is now in police custody.
"The road is re-opening and police will remain at the scene to continue with enquiries."