Police were called to reports that a a man was seen holding a small axe and acting in a threatening manner on Butcher Row at about 9am.
Officers, including dog handlers, were sent to the scene and a man was arrested.
A spokesperson for Humberside Police said: "During the course of his arrest one of our dog handlers was allegedly assaulted and sustained minor injuries. No-one else was hurt.
"The 47-year-old suspect has been arrested on suspicion of possession of an offensive weapon and assaulting a police officer.
"Thank you to all members of the public who contacted us so quickly about this isolated incident."