3:50 p.m. Update:

Anchorage Police say the suspect arrested has been identified as 38-year-old David A. Lee. Lee had multiple outstanding warrants, police say, and faces several charges for this morning's incident, including assault, eluding, and giving false information.

10 a.m. Update:

The armed suspect has been arrested following a police dragnet. The man has not yet been identified.

According to an alert from APD, the area will be re-opened to traffic, and schools in the area will be taken off of "stay put" mode.

Sgt. Shaun Henry with APD told media at the scene that the suspect was seen "waving a gun around" prior to his capture, and was "ramming into" the school bus.

The man, who has not yet been identified, was spotted in a vehicle trying to leave the area. "We stopped that vehicle, ultimately identified both people in the car as people of interest we wanted to talk to," Henry said.

Officers then identified the person involved in the incident. His identity has not been released, and police are planning on conducting an interview with the man.

This is a developing story and will be updated.

Original Story:

A school bus in Anchorage was involved in a crash, and a man involved allegedly threatened the life of a school bus driver and fled.

According to police, the bus and another vehicle were involved in a collision. It was not immediately known which vehicle struck which, or how the crash happened.

The driver of the other vehicle allegedly got out, and threatened the driver's life. The bus was carrying students for Baxter Elementary School. Once police began to respond, the man left the scene, and took off on foot.

The man, described as a dark skinned adult black male, is 6'5" and 180 pounds, possibly in his 30's. He is wearing a black hoodie and is considered armed and dangerous, police say.

Children were aboard the school bus at the time of the incident, MJ Thim, APD spokesperson, said. Police said Wednesday that "no one on the bus was injured" in the attack.

Catherine Esary, with the Anchorage School District, said that five children were on the bus, and the parents of those five students have been notified, Esary said.

Three schools in the area are in "stay put" mode, including Scenic Park Elementary School, Susitna Elementary School, and STrEaM Academy. Baxter Elementary, the school which the students on the bus attend, is not in stay put mode, Esary said.

Now, police are setting up a perimeter in a square area from Patterson Street to Northern Lights Blvd. to Muldoon Road to East 36th Avenue to search for the man. Thim said that k9 units have been deployed.

According to Anchorage Police Department alert, drivers should avoid this area for the time being. Police are asking anyone with information to call 911.