Khalid Caraballo and his friend Aiden were playing with airsoft "zombie hunter" guns in Khalid's yard, when a neighbour called 911, local station WAVY-TV reports. The toy guns shoot rubber pellets.
The unnamed neighbour told WAVY she knew the guns were fake.
"This is not a real one, but it makes people uncomfortable. I know that it makes me (uncomfortable), as a mom, to see a boy pointing a gun," she said.
The boys are suspended from school for "possession, handling and use of a firearm" and may be expelled the remainder of the year.
Larkspur Middle School principal Matthew Delaney said an investigation found the "children were firing pellet guns at each other, and at people near the bus stop."
Khalid's home is 70 yards from the bus stop.
"My son is my private property. He does not become the school's property until he goes to the bus stop, gets on the bus, and goes to school," said Khalid's mother, Solangel Caraballo.