Two armed suspects forced their way into a home near Warner Road and Greenfield Road Friday morning.
Police arrested one male suspect and a female accomplice but officers are still looking for a second male suspect.
An 18-year-old boy and 17-year-old girl were in a home in the 900 South block of Wanda Drive when two male suspects forced their way in through a back door, officers said.
The teenagers told officers one suspect pointed a handgun at them before fleeing the home.
After the victims called 911, officers pulled a vehicle over in the neighborhood for a traffic violation.
The two male suspects were passengers in the car and ran away immediately after being stopped.
The female driver was apprehended and one of the male suspects was caught nearby and taken into custody.
Police are still searching for the second male suspect. He is described as a Hispanic male, 20 to 23-years-old, short black hair, wearing either shorts or blue jeans and a dark shirt.
Nearby Gilbert schools were placed in lockdown while officers secured the area.
All schools are out of lockdown but two officers are at Finley Farms Elementary School for extra security until the final suspect is found.