Officers spotted a stolen car and after forcing it to stop, the occupants fled down Showell Road, Bushbury, on foot on the evening of Monday, July 20.
Police quickly detained three men nearby and discovered a large quantity of cannabis inside the vehicle. A rucksack with drugs and dealer bags, along with a lock knife, were found discarded.
An 18-year-old man was arrested on suspicion of conspiracy to supply drugs, possession of a weapon and theft of a vehicle.
Two other men, aged 19 and 22, were detained on suspicion of possession of drugs with intent to supply. They have all been bailed pending further enquiries.
Officers also responded to reports of a man brandishing a knife and BB gun at a shopping parade in Whitmore Reans on Tuesday, July 21.
They arrested a 32-year-old man from an address in the area on suspicion of having a bladed article in public, possession of a firearm with intent to cause fear of violence and having cannabis.
Two knives were recovered and enquiries are continuing. The man has been released under investigation.
The force also seized a knuckle duster from a man who was detained for being wanted for recall to prison in Wednesfield Road on Wednesday, July 22. The 41-year-old was sentenced to further six months for possession of a weapon and is now back behind bars.
Inspector Stephanie Furber, of Wolverhampton police, said: "We’re determined to take dangerous weapons and drugs off the streets.
"We’ll continue to monitor areas across the city and respond to information we receive to help keep you safe."