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Antonio Bell, 24, of Plantersville is charged with burglary of a commercial building in the incident.
He is also charged in connection with burglaries at City Pawn Shop in November and Choice Pawn in December.
Weapons were stolen during the burglaries at Hunter's Haven and City Pawn.
Jacquavis Williams, 20, of Plantersville was arrested on New Year's Day and faces charges in the same burglaries.
Williams remains in jail on a $50,000 bond. Bell's bond was set at $25,000 but a hold was place on him by state corrections officials for a probation violation.
Police Chief Bart Aguirre says anyone who purchased weapons from the two men should contact local authorities.
The serial numbers on the firearms have been listed as stolen on a national crime database.
Tupelo Police, Lee County Sheriff's Office, Plantersville Police, Shannon Police, Itawamba County Sheriff's Department the ATF, Mississippi Department of Corrections and Crimestoppers assisted in the investigation.