A country-made pistol was found in the school bag of the 13-year-old of RMS School in Khuntadih during class hour, Senior Superintendent of Police, Anoop T Mathew said.
The school bag carrying the fire-arm has been seized and interrogation of the eighth standard student was on, he said.
The Officer-in-charge of Sonari Police Station, Budhram Oraon said the school authorities began a search of the school bag of students after being informed that a student was flaunting a pistol to his classmates.
Oraon, however, did not disclose the identity of the student as he was a juvenile.
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Talking to newsmen, Mathew expressed concerned over the incident, which was the third such one during the period of a month.
Earlier, a XIth standard student of Dayanand Public School, Sakchi was seriously injured and hospitalized after he was hit by a bullet last week.
Police had then recovered two fire-arms including a country-made pistol from the school bag of the injured student's classmate Amit Kumar, who has been arrested, he said.
Mathew said one of the accused in the Mukhi murder had given the fire-arm to Amit to keep it with him as massive police raids were on.
This was preceded by another firearm recovery about a month back, from the bag of a student during school hours at Parsudih, in the outskirts of the steel city, Mathew said.
Mathew assured the police would soon talk to the school authorities of the district as well as the parents of the students to stop recurrence of such incidents.