A man is in police custody following what witnesses are describing as a hostage situation at an industrial building in Malton.

Police first responded at 10:23 a.m. Friday to a report of a dispute between two men at a trucking company at an industrial plaza north of Pearson airport.

Witnesses told CTV Toronto there was an argument between two men who work for a trucking company. At one point, the argument escalated. At one point, one man was "doused by gasoline," reported John Musselman.

"And apparently, the suspect was holding up a lighter threatening to set the victim on fire."

But the incident was resolved 10 minutes after it began, when a man exited the trucking company doors with his arms in the air. Witnesses said it appears he was the man who had covered with gasoline. He was not injured but an ambulance took him to hospital as a precaution.

A short time later, police led out a handcuffed suspect and took him to a nearby police division for questioning.

"We're told that no one was injured in this case," Musselman reported.

A forensics team is inside the trucking company, which has been sealed off to the public. The surrounding roads have been re-opened and police are now taking statements from witnesses.

A neighbouring business said the man who runs the trucking business keeps to himself. But they did hear some yelling this morning, Musselman said.

As of late Friday afternoon, Peel Police had not yet made public what, if any, charges had been laid in the case.

With a report from CTV Toronto's John Musselman