Steve Aitken
Senior Sergeant Steve Aitken said the man had been drinking in town and an "altercation had developed over a woman".
After he went home, a group linked to the woman arrived, about 4.30am, Snr Sgt Aitken said. The man went inside, grabbed the knife and rod and went to "give them a fright".
"He felt threatened so he thought he should defend himself by waving a knife and fishing rod around.
Alcohol never leads to good decisions," Snr Sgt Aitken said.
No-one was injured in the incident.
The man will appear in the Dunedin District Court this week charged with possession of an offensive weapon.