Man armed with knives arrested in London on terror charges "As a result of the arrest there is no immediate known threat," police said.

 -- A man armed with knives was arrested on suspicion of terrorism today in London near the Houses of Parliament, police said.

Authorities have cordoned off Whitehall and Parliament Street, where the suspect was arrested, near Parliament Square this afternoon, following a stop-and-search operation.

The suspect, identified as a 27-year-old man, was arrested on suspicion of possession of an offensive weapon and on suspicion of the commission, preparation and instigation of acts of terrorism, according to London's Metropolitan Police Service.

Authorities recovered knives from the man, who is being detained under the Terrorism Act and is in custody at a police station in south London.

The Metropolitan Police Service said the investigation is ongoing and "as a result of the arrest there is no immediate known threat."

ABC News' Wilford Marcus and Joseph Simonetti contributed to this report.