The administration sounded an alert in surrounding areas and parents have been asked not sent children alone to the school.
A control room has been set up at Gopalpur and the situation was being closely monitored, officials said.
The leopards escaped from the zoo last night after some miscreants cut the wires along the fence.
A third leopard, who was injured and could not run fast, had also escaped but was captured while two others ran into the forests.
There were 12 leopards in the zoo and when attendants enter the enclosures in the morning, three leopards were found missing after which search operations were launched. The zoo has been closed.