Officers in Manchester initially said they had found the printer and what appeared to be a plastic magazine and trigger, which could be used in "next generation" firearms, when they raided several addresses in Baguley area of the northern city.
A man was arrested for questioning and later released. The raids were conducted by anti-gang police as part of a drive against organised crime.
Firearms specialists were examining the plastic parts to establish whether they could be fitted together to make a viable weapon.
Soon after the raids, Detective Inspector Chris Mossop said: "If what we have seized is proven to be viable components capable of constructing a genuine firearm, then it demonstrates that organised crime groups are acquiring technology that can be bought on the high street to produce the next generation of weapons."
Later, officials said investigators were trying to establish what the components could be used for and whether they posed any threat. One official said police could not be "absolutely clear" that they had found parts for a 3-D gun.
The 3D printers can be bought easily in Britain for around 1,200 pounds and create objects by building up thin layers of high-density plastic.
Earlier this year, a US company said it had test-fired a handgun created with a 3-D printer.
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