Two teens have been arrested in Carlton after a school was placed into lockdown in response to reports of three men armed with guns entering nearby housing commission flats.

Leading Senior Constable Melissa Seach said police were called to the high-rise building in Drummond St about 2.45pm. A nearby school was placed into lockdown as a result.

Police searched the building before an 18-year-old Carlton man ran down Drummond St. He was arrested on the corner of Princes St just before 7pm.

Sen-Constable Seach said police arrested a 17-year-old on Rathdowne St soon afterwards.

She said both were in custody, no firearm had been found and police were not searching for anyone else.

Police helped students leave the school about 5.30pm. The investigation is continuing.

Anyone with information is urged to contact Crime Stoppers on 1800 333 000 or file a confidential report at crimestoppersvic.com.au