The incident was reported as a fight outside Asbury Park High School on Sunset Avenue just before 4 p.m.
Officers arrived to the scene to discover two male victims, ages 17 and 18, with stab wounds. Both victims remain hospitalized as a result of their injuries.
Jadon Carter, 20, of Asbury Park, was taken into custody at the scene.
Superintendent Sancha Gray said preliminary information indicates that two or more students were involved in a disagreement during school hours and that the argument continued after school was dismissed for the day.
It is unclear if Carter is a current student.
"What is deeply troubling is a preliminary report that an individual, who is not affiliated with the school district, may have supplied a weapon to one or more of the students after the end of the school day," Gray said. "While there is no indication that any weapons were brought into the school, we will nevertheless work with our law enforcement partners in an effort to ensure that this matter is fully investigated."
Gray said that she and the Asbury Park Blue Bishop family offer their prayers to the victims.
"We are a family here - family members care about one another and lift each other up in times of need - that's exactly what we are doing now," Gray said.
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The investigation is ongoing.
Authorities believe it was an isolated incident and there is no further threat to the public.
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