The 35-year-old suspect was detained on Tuesday night on suspicion of a number of offences, including causing criminal damage.
Officers searched properties in west Belfast on the same night, after previously discovering “remnants of large industrial, firework-type devices, capable of causing serious damage or injury” at two houses in the area.
Two explosive devices were thrown at the homes of Mr Adams and Mr Storey on Friday night, causing damage to a car, but no-one was hurt.
Gerry Adams, leader of Sinn Fein between 1983 and 2018, confirmed in a tweet “all well here” and thanked well-wishers for “all the texts and phone calls”.
He later called for those who had “the gumption to sneak up on our homes” to “come and sit down and explain to me what this is about”.
Sinn Fein policing and justice spokesman Gerry Kelly said: “Grandchildren were in the driveway of Adams’ home minutes before the attack.
“I would appeal for calm. These attacks are the desperate acts of increasingly desperate and irrelevant groups.”
Sinn Fein leader Mary Lou McDonald said party members are reviewing their security following the attacks.
During a rally in west Belfast on Monday to show support for Mr Adams and Mr Storey, Ms McDonald described those behind the attacks as “enemies of the people”.
Sky’s senior Ireland correspondent David Blevins called the attack “audacious” if carried out by dissident Republicans.
“To target the homes of two men who are so revered within Republicanism would mark an escalation of tension between Sinn Fein and those who believe the party has sold out.”