Small arms have emerged as serious security issue because of their perpetual and indiscriminate usage to commit crimes, initiate, and reinforce violent conflicts and conduct acts of terrorism with abandon recklessness, causing high incidence of mortality, deterring peace and the potential to sustain it worldwide. The measures often adopted to regulate small arms overtime have yielded little or no result because of increased demand for and supply of small arms and light weapons are readily induced more speedily than envisaged worldwide. Recent accounts revealed that Nigeria is awash with small arms, and that large quantities of these weapons are found in illegal hands in nooks and crannies of the country. These weapons are used to commit crimes and fuel violent conflicts, thereby thwarting the achievement of peace and its sustainability in the country. Poor security network, corruption, border leakages and politics have played dominant roles in the excessive availability of arms in Nigeria. Thus, this study reviewed the various arms control mechanisms put in place and used by government overtime to control arms in order to promote peace in the country. It was argued that if small arms are effectively controlled a serene atmosphere will be stimulated which will promote peace and with the demonstration of good governance its sustainability will be assured. The issues and challenges underpinning arms control as well as policy advocacy were highlighted for proactive actions to be taken in order to promote peace in the country.