Sammie Eaglebear Chavez, 18, told friends at Bartlesville High School that he wanted to lure their schoolmates and teachers to the gym and then open fire, according to officials.
He also claimed to have explosives he planned to detonate once police arrived, the New York Daily News reported.
A classmate overheard Chavez scheming on Thursday and cops arrested him early Friday before he could carry out his plan.
A judge in the small city of Bartlesville, Oklahoma, which lies about an hour north of Tulsa, ordered that Chavez be held on USD 1 million bail.
Investigators believe Chavez owned a Colt .45 handgun and had been researching how to obtain explosives and higher-powered firearms. He also frequently discussed the 1999 shootings at Columbine High school.
The motive for the plot was not immediately known.
Investigators do not suspect the scheme was linked to or inspired by the shooting in Newtown, Connecticut.
On Friday, 20-year-old heavily armed Adam Lanza, dressed in black fatigues and a military vest, walked into the Sandy Hook Elementary School in Newtown in Connecticut and opened indiscriminate fire.
Adam, after killing his mother at home, opened fire in the school and gunned down 20 children aged between 5 and 10 as well as six adults, including the institute's Principal.
Adam, who was wearing black combat gear and armed with three guns, including a high-powered rifle, later died from a self-inflicted gun shot wound, law enforcement agents said. He was found dead inside the school building.
The shooting spree capped a tragic year for the US, which saw similar massacres in a Colorado theatre and Wisconsin Gurdwara, putting pressure on the Obama administration to take action on the country's gun laws.
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