Police say Michael Gordon, 23, and Cody Poe, 18, were pulling out of Fayetteville High School on Friday when they got into a crash with another driver.
That's when officers say Gordon and Poe jumped out of their car and banged on the other driver's window.
Police say Poe had a knife and threatened the driver, ordering him to get out of the car.
The driver took off, but Gordon and Poe are now in jail facing several charges including aggravated assault.
They were ordered held on $7,500 bond each.
Gordon was also charged with careless driving and driving on a license suspended for DWI and Poe faces an additional charge for a probation violation of a suspended sentence.