Four schools were placed under a hold and secure, after a store was robbed nearby on Thursday morning.
Police say they are still looking for one man, they believe was part of an armed robbery on Queen St near Woodbine.
Officers say they arrested one of the two, and reports indicate they recovered a replica handgun.
The schools under the hold and secure order include: Malvern Collegiate, Adam Beck Junior Public School, Glen Ames Senior Public School and Williamson Road Junior Public School.
The order was lifted at around 1:15 on Thursday afternoon.
No injuries have been reported.