It happened on Friday as officers deployed as part of Operation Christmas were on patrol.
They stopped a man acting suspiciously in the town centre.
Over 400 tablets and a quantity of cash were recovered.
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He will appear at Falkirk Sheriff Court in due course.
Operation Christmas was launched at the start of December as the police stepped up efforts to ensure the town centre remained a safe place for visitors, workers and shoppers.
The initiative sees officers carrying out high visibility patrols across the area’s town centres, working alongside officials, business owners. and others in a bid to cut crime, and provide support for the most vulnerable members of the community.
It is run in conjunction with the Scottish Fire and Rescue, NHS, Community Safety Partnership, Falkirk BID, Howgate Shopping Centre and other local retailers, Falkirk Mental Health Association and Transform Forth Valley.