The jawan, Pandia Raj, was booked on an Indigo flight to Delhi and was stopped when the anti-hijacking team posted at the main gate of the airport spotted the bullet in his baggage on Tuesday. The police said he was posted with the Army Medical Corps at the field hospital in Baramulla district of Jammu and Kashmir.
But the police believe the bullet got into his baggage by mistake.
"During screening of baggage, a bullet was recovered. It looks like that jawan had inadvertently carried the bullet in his baggage. He might have forgotten it in the bag," said Manzoor Ahmad Dalal, the senior superintendent of police anti-hijacking Srinagar airport.
Mr Dalal added that the jawan had been handed over to the army.
This is the second case of a jawan being caught with ammunition in two days at Srinagar airport, one of the most heavily guarded airports in the country with multiple points of checking.
Bhupal Mukhiya of 17 JAK Rifles was the first, caught with four bullets and two grenades on Monday morning. But he told the police that the packet containing the grenades was given to him by an army officer he called by his rank, "Major Sahib". The 17 JAK Rifles is based in Uri near the Line of Control, the site of one of the biggest terror attacks last year in which 19 soldiers were killed.