New Zealand's Ministry for Foreign Affairs and Trade (MFAT) says it is aware of reports of the man's arrest but has received no requests for consular assistance.
He was detained on the grounds that he committed a criminal offence in "illicit trade in weapons and military equipment and dual use products".
The man was handed over to the Bosnia and Herzegovina Prosecutor's Office.
The Balkan region was ravaged by civil wars throughout the 1990s and have been struggling to end stem the flow of illegal international arms trafficking ever since.
The terrorists behind the deadly assault on the Charlie Hebdo magazine offices and November 13, 2015 terror attacks in Paris, which claimed 130 victims, were linked to weapons that were tracked back to the Western Balkans - an area linked to extremists fighting for Islamic State in Syria and Iraq.
- additional reporting Ivo Scepanovic