Martin Luther King Jr. Middle School on Holly Hill Avenue and nearby Southgate Elementary School on Calaroga Avenue were on lockdown for about 45 minutes while officers searched for possible evidence.
Police say an armed robbery was reported at 10:30 a.m. They chased the suspects in a stolen car before the two crashed and were caught on foot.
It's uncertain if the robbery suspects had a gun when they stole jewelry from a victim in a nearby strip mall parking lot.
The two suspects were taken into custody after the pursuit. Officials say nobody was hurt and the kids were not in jeopardy.