Police say a bomb "capable of causing death or serious injury" was found in a heavily populated area in central Belfast on Friday night.
Army bomb disposal experts carried out a controlled explosion at Bradbury Place on Saturday morning.
The alert caused major disruption to traffic and businesses in the area.
People were evacuated from their homes and commercial premises overnight.
Police said the device was found on a patch of ground close to the Sandy Row/Lisburn Road junction.
The BBC reports Bradbury Place is popular for night-time entertainment.