Armed police have responded to an alleged robbery at gunpoint in central Palmerston North today.

A large number of officers carrying Bushmaster rifles were on Queen St and Rangitikei St, and a large section of Rangitikei St was blocked off.

"Police responded at 3pm to reports of a robbery on Main St," Senior Sergeant Murray Drummond confirmed.

"Initial information suggests a man approached a person, showed them a firearm in a bag, and proceeded to take the victim's phone and wallet.

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"Police responded and soon located the male offender and a female acquaintance, they have both been arrested.

"Police are speaking with the two people arrested and are working to establish exactly what occurred."

A number of police officers are still at the scene.