CrPC 138: Bailable or Non-Bailable Arrest?

Me and my friend Rohan are at it again. We got into a heated discussion over the nature of arrest under CrPC 138. I think a police officer can arrest without warrant, but he can refuse to arrest if he thinks the case is not made out. Rohan says he can't arrest, but has to file an FIR and get a court order. I think 138 is a bit like 41, where it gives powers to the police to arrest, but with conditions.

Rohan says, "Arrest without warrant is only under exceptional circumstances, and not for a simple cheque bounce case". I say, "But it's not a simple case, it's a serious criminal offense, and 138 gives the police the power to arrest". So, community, please help us out! Is the arrest under CrPC 138 bailable or non-bailable?