The New York Post and the local NBC television affiliate reported the target was the Federal Reserve Bank of New York, which is located in lower Manhattan’s financial district.
Reuters is reporting the arrested person to be Bangladeshi national Quazi Mohammad Rezwanul. He was believed to be planning to detonate what he thought was a 1,000 pound bomb.
He was arrested in lower Manhattan on Wednesday morning.
The FBI said Mr Nafis travelled to the US in January 2012 for the purpose of carrying out an attack on American soil.
The plot was thwarted by an undercover sting operation, federal authorities said.
But the public was never in danger, because the explosives provided to Nafis by the undercover agent were never in working condition.
Mr Nafis faces charges of attempting to use a weapon of mass destruction and attempting to provide material support to al-Qaeda, the US Department of Justice said in a statement.
The Federal Reserve could not immediately be reached for comment.