The 15-year-old, whose name is being withheld due to his age, is charged with possession of a firearm.
Capt. Lescault said officers searched the home Friday after receiving a tip from a student that the suspect threatened to commit a violent act at school.
Police would not provide further comment due to the on-going investigation.
"Our top priority is to provide a safe, supportive and nurturing learning environment for all students and staff," Chesterfield County School spokesman Shawn Smith said in a statement. "We worked closely with the police department in their immediate investigation of a potential threat. The police department deemed a threat toward the school division to be unfounded."
Capt. Lescault would not say whether the teenager remained in police custody.