Police were called to Loara High School at about 10 a.m. after a student reported that he thought he saw another student with a gun in his waistband. The school was placed on lockdown as police searched for the student in question.
Also in the search, nearby Madison Elementary School was locked down.
Authorities lifted the lockdowns at about 12:30 p.m. when investigators did not find the boy on the Loara campus, said police.
Officials said they know the student's identity and suspect he is with another boy who does not attend Loara.
City News Service contributed to this report.