CANTON, Ga. -- One teenager is in custody, another in stable condition, and a school just off a Code Red lockdown.

Cherokee County Sheriff Frank Reynolds said the fight between two male students broke out in the bathroom and spilled out into the hallway.

A teenager dressed in a black pants and black shirt stabbed another student in the neck and chest. Witnesses say the injured student was bleeding heavily in the 300 hallway near the Family and Consumer Sciences room.

When the call for help went out, a nurse was already helping the injured student. The armed classmate was on the run.

Cell phone video from inside the school shows armed officers going from classroom searching for the suspect. Lt. Jay Backer with the Cherokee Co. Sheriff's Office said that suspect is now custody. He was found near his home. The subdivision backs up to a wooded area between the homes and the school.

In a message to parents, the school system said, "Do not report to the school! All doors are locked and no one is allowed in or out of the building. Parents will not be permitted to pick up students until the Code Red is lifted. We understand that this is a stressful message, but please know that the safety and security of all students is our priority."

PHOTOS: Students stabbed at Woodstock High School

The injured student was transported in stable condition.

An update from the school just before 3:00 pm said deputies were processing the scene and expected the school to be off lockdown by the end of class.