The interior ministry said 16 men and one woman were in custody. They are mostly Saudis but include one Yemeni, an Egyptian and a Palestinian.
They are the latest arrests connected with the Sunni extremist group in Saudi Arabia.
Since late 2014, IS has claimed a series of bombings and shootings against Shiites in the Sunni-majority kingdom, as well as the security forces.
Dozens of people have been killed, largely in Eastern Province, which is home to most of the country's Shiites whom IS considers to be heretics.
They targeted security officials and security, economic and military establishments and citizens in different locations."
The ministry said suspects wanted to attach a bomb to the car of a defence ministry employee in Riyadh.
They also targeted security students whom they planned to bomb with a remote-controlled device at a gate.
Police also disrupted the delivery of two suicide vests and separately prevented a suicide attack by a suspect who had monitored "religious sites" in Al-Ahsa region, which has a substantial Shiite community.
The interior ministry added that, according to preliminary investigation, the suspects gave two suicide vests, training and automatic weapons to the bombers who attacked Al-Rida mosque in Mahasen, Al-Ahsa, on January 29.
The Saudi bomber killed four people during Friday prayers at the mosque before worshippers disarmed and tied up his Egyptian accomplice who had fired on them.
Also in January, the suspects blew up the car of a soldier in Riyadh's Aziziyah neighbourhood, the ministry said.
IS group leader Abu Bakr al-Baghdadi has called for attacks against Saudi Arabia, which belongs to the US-led coalition bombing the jihadists in Syria and Iraq.
Earlier that same month, police arrested a Saudi and a Syrian on their way to bomb a restaurant in the same area after training by IS, the interior ministry said.
Three separate suicide attacks took place throughout the kingdom on July 4.
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