HPD said the shots were fired in the 4000 block of Bolin Road around 4:45 p.m. on Friday. SkyEye was over the active scene, showing yellow police tape near the bus.
The student was shot in the leg and rushed to the hospital, HISD said. It added that nobody on the school bus was injured.
During the active investigation, HISD said the nearby Benbrook Elementary was holding after-school activities and was placed on lockdown.
According to investigators, the juvenile suspect was identified by HISD Police and was found at a home near the crime scene.
HISD said an investigation is underway.