"He's been examined by [paramedics], he has no significant injuries," Superintendent Tony Fleming said.
Specialist police took the man into custody for questioning and authorities continued to conduct clearance searches until midnight.
The airport reopened after the incident.
Nick Chapman told news.com.au he was inside the airport food court when the incident began unfolding a few tables away from him.
"These two girls started running and they were screaming high-pitched," he said. "There was a man chasing these two girls — he was just chasing them, not just anyone."
He said the man was an "older gentleman" and was holding what looked like a "filleting knife".
"He was chasing them with it. He didn't look quick on his feet," he said.
Chapman said other people soon started running away.
Zoe Bickerstaffe was with Chapman and wrote online the incident looked like a "family feud".
It is believed the scenes took place in the food court located before any of the security check points at the airport.
Sources told The Courier Mail the man walked inside the airport carrying a metal box with exposed wires and that he later claimed to be carrying a bomb.
Passenger Boon Heng Ong told The Courier Mail the man stopped chasing the girls and returned to his table where he pulled out a box.
"He grabbed something out of his luggage. It was a black box like a small toolbox," he said. "And everyone was just screaming and running, 'Get out, get out'."
Sherryn Hollioake was set to board a flight when the chaos began.
"We were already inside at (the) food court. We heard it and could see a lot of people running and screaming in the departure area," she wrote on Twitter.
Police, ambulances, a fire truck and the dog squad soon arrived at the scene.
It's understood the Specialist Emergency Response Team and the bomb squad responded and the scene was declared an emergency situation shortly after 9pm, with all trains halted and flights grounded.
Soon after the man was taken by police, another emergency situation began unfolding on the Gold Coast which police said was related to the airport incident. Police made a declaration under the Public Safety and Preservation Act at Bruce Bishop carpark in Surfers Paradise, around 10.45pm.