The suspect, Dana Baraket, is accused of spraying the officers in their eyes and face, hitting one but missing the other on Broadway around 1:20 a.m.
Video provided by the driver shows a woman lunging forward from the backseat, reaching around, and spraying the man in the face.
The protesters are accused of reaching over a glass wall and hanging a banner eight stories in the air, endangering several pedestrians on the street.
Officials say 31 students and nine adults were exposed to the pepper spray inside the school, but several declined further medical attention.
A 26-year-old woman was arrested and charged with assault following the incident on Monday.
The group of young woman reportedly called the victim Karen before one pepper-sprayed her in the face.