According to the British Pakistani Christian Association, a 15-year-old Christian student received a shot wound to the arm, while a Muslim security guard was hit by one bullet after being fired at several times. Both their injuries are believed not to be life threatening.
Local reports say two men in their twenties opened fire on the 15-year-old after they stole his stole his motorcycle.
It's reported the security officer of the school came out of the school after hearing gun shots and fired back at the two gunmen, who then started shooting at him.
The incident took place at St Francis School in Kot Lakhput, Lahore on Friday, 20 miles from recent attacks on two churches in Lahore on March 15.
Wilson Chowdry from the British Pakistani Christian Association told Premier: "He was a Muslim and he sacrificed himself for the Christian community - and for us that's a story of great worth, because it describes how not all Muslims in Pakistan are bad, and there are those that are willing to sacrifice themselves for the Christian community.
"And we hope that others will see this and recognise that there needs to be restoration of peace and calm in the area.
"We're praying about this and really do commend that Christians across the globe take note of the current terror Christians in Lahore are facing, and keep them in their prayers until the situation improves."
The attack comes just two days after the funeral of Nouman Masih, the 15-year-old who was reportedly set on fire for admitting he was Christian, in an alleged religious attack by two Muslim men.