Officers seized 47 wraps of crack cocaine and 12 wraps of heroin after arresting a 17-year-old boy in Barsby Close, Atherstone.
The arrest was made on Thursday (9 May) afternoon after officers from the offender management unit spotted a male acting suspiciously in Grove Road. They gave chase and arrested the boy a short time later.
They also seized a canister of pepper spray.
The boy, who is from Birmingham, was arrested on suspicion of possession of class A drugs with intent to supply and possession of a firearm (the pepper spray).
He has been released under investigation while enquiries continue.
Anyone with information that could help police with their ongoing enquiries should call 101. Alternatively, information can be provided anonymously to the independent charity Crimestoppers on 0800 555 111.