The incident took place in a prominent school in central Delhi's Pusa Road at around 9 am.
The accused student allegedly attacked his schoolmate with a paper-cutter following the altercation.
The victim received a few cuts on his left hand. He was taken to Sir Ganga Ram Hospital. He is out of danger, police said.
Police said the accused student had sent a text message to the victim a couple of days before the incident allegedly threatening him.
The victim had not come to school on the first two days of the week following this.