Police said an “improvised explosive device” was recovered after a security alert on Saturday in the Church View area of the town.
A number of homes had been evacuated, but residents were allowed to return in the early hours of Sunday after ATO made the device safe.
The suspect was arrested under section 41 of the Terrorism Act.
He has been taken to the serious crime custody suite in Musgrave PSNI station in Belfast questioning.
Chief Constable Simon Byrne tweeted his outrage over the murder bid on his officers.
Said Chief Constable Byrne: “Another callous attempt to kill or maim our officers and stark reminder of why we need to grow the PSNI to 7,500 officers to grow our presence in communities to deal with this severe threat.”
The Police Federation, which represents rank and file officers, tweeted: “Doubtless, lives have been saved and a vicious attack averted by the actions of our @PoliceServiceNI colleagues in Strabane.
“Well done to all concerned.”
SDLP MLA for West Tyrone Daniel McCrossan said the device was left on a wall close to the local police station.
Mr McCrossan described it as a “reckless, cowardly and selfish” act.
“This device obviously was very sophisticated and was placed there deliberately, not only to cause a huge inconvenience but, ultimately has endangered human life,” he said.
“This could have been much, much worse.
“There’s no mandate for it, no-one wants it.
“We want them off our streets, we want them to leave and go away.
“That’s the message that this community will be sending very strongly to those responsible.”
Mayor of Derry City and Strabane District Council, Councillor Michaela Boyle also hit out those who planted the device.
She said: “Those responsible for this serious type of activity in a residential area where there are pensioners, people with disability’s and those needing care.
“They need to wise up and move on.
“It is communities that suffer as a result.
“Thank god no one has lost their life.”