Two policemen and one policewoman were only metres from the bomb when it partially exploded on the busy coastal path, near the M5, on March 9.
They escaped injury but the PSNI said the bomb attack was a sophisticated and well-planned attempt to kill the officers.
The device is believed to have been detonated by a mobile phone as the officers responded to a call alleging a crime had been committed in the area.
The man was detained by the PSNI's Serious Crime Branch in the Belfast area early on Thursday morning.
Dissident republicans were blamed for the attack. A gun was later found on the towpath.
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