People were threatened by a man with knives at a shop in Fyshwick early on Friday afternoon.

At about 12.15pm police were called to a shop in Iron Knob Street after a man allegedly stole two large knives from the store.

Multiple calls from the public reported a man threatening passersby with knives and yelling obscenities while walking down Iron Knob Street.

Police arrested the 44-year-old man from Ainslie. Witnesses directed officers to a bag the man had dropped that contained the two allegedly stolen knives.

He was subsequently charged with theft, possessing an offensive weapon with intent, possessing a knife without reasonable excuse, acting to cause public alarm and breach of bail.

Witnessed or anyone with dashcam footage of the man on or near Iron Knob Street should provide their details to the police via the Crime Stoppers ACT website.