Armed officers from West Midlands police were called to reports of a man with a gun at Pool Meadow bus station on Friday night.
Calls were made to police about a man with a gun in a bag at the Fairfax street terminal in the city centre at around 6.30pm.
A witness told CoventryLive a passerby had told the man he had to wait for police when he became irate.
The passerby, along with a bus driver, then tackled the man and took the bag from him, handing it to a bus station worker until police arrived.
On their arrival, the armed officers discovered an air gun in the bag which the owner surrendered to them.