"The preliminary findings of the investigation have determined that this was an isolated incident that poses no immediate threat to the school," school principal Larry Marks said in a written statement.
The photo was posted on Facebook and shared among students before it was recently removed.
The BB gun has not yet been recovered.
Richmond Police said bring a BB gun to school is not a crime, thus no charges will be filed against the student.
School officials tell CBS 6, it is against the school system's code of conduct and can result in a minimum one year suspended from school if found guilty.
"It was unnecessary and idiotic," Huguenot student Chekira Hill said. "It makes people not want to come here because they think stuff like this happens on the regular here at Huguenot. Like take pride in your school!"