The police have dispelled the incident being a terrorism-related offence.
Officers from the Metropolitan Police's Royalty and Specialist Protection Commandarrested the suspect "within three minutes" of him stepping over a low outer perimeter fence adjacent to the palace and attempting to climb a wall outside the estate.
Buckingham Palace is the official home of Britain's Queen Elizabeth II.
The Metropolitan Police said in a statement today that the suspect was not carrying any offensive weapons and "the incident is not being treated as terrorist related."
As per the police, the suspect has undergone a mental health assessment and released on conditional bail, only to return to a central London police station early next month.
A number of people have tried to get unauthorised entry into the palace grounds in recent years.
In August, a 26-year-old sword-wielding man attacked and wounded three police officers outside Buckingham Palace before being arrested.
A woman was arrested in October for attempting to scale the gates of the palace.
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