Sandip Roy Burman and two others were arrested during a joint raid by Tripura police and Assam Rifles on his brick kiln at Champaknagar during the day, police said.
A revolver, some live cartridges and Bangladshi currency were seized from them and the three men were handed over to Jirania police, the police said.
The TPCC president later told newsmen that the arrest was a "conspiracy" hatched by ruling CPI-M to tarnish his and his family members images before the February 14 elections".
CPI-M has understood that people are disillusioned with the misrule by the Left and are supporting Congress. So, they hatched this heinous conspiracy to divert the people's attention and to fish in troubled waters.
"But I am sure people will understand the evil design and extend more support?, Burman said.