According to the Los Angeles Police Department, 24-year-old Braxton Johnson of Los Angeles was arrested Tuesday morning after officers received a call about a man with some sort of "mental illness" at the building in the 1500 block of Gordon Street.
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Police said he was threatening staff members and people in the building.
Johnson wasn't armed at the time but was making verbal threats referencing "weapons and violence," according to police.
Police then executed a search warrant at an apartment on the 18th floor where officers found several high-powered sniper and assault rifles, high-capacity magazines, a shot gun, handguns, "a large cache of various munitions" and body armor.
Video obtained by ABC7 from a neighbor shows officers in tactical gear making their way inside the apartment.
"High-capacity, high-powered rifles with the ability to inflict a lot of damage to a lot of people, said LAPD Lt. Leonid Tsap.
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Investigators told Eyewitness News some of the weapons were loaded and were pointed out of a window, overlooking a park. The guns were not registered to Johnson, police said.
Investigators believe Johnson had plans to carry out a mass shooting.
"There is a high chance that the officers, and obviously, security staff and the people who called, prevented a mass shooting from happening," said Tsap.
Johnson, who had recently moved into the Hollywood apartment building and was living alone, was not home during the search, according to police, but was arrested when he returned.
Police said the 24-year-old is linked to other "violent in nature" investigations outside of California.
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"I do feel a little shakier, trying believe we are safe, but we do have to feel a little more worried about it now," said Hollywood resident Luiz Silva.
The incident remains under investigation.
Anyone with information is urged to contact police.