A Blackpool man has been charged with possessing a firearm with intent to cause fear of violence, police said.
Luke Richards, 26, of Cromwell Road, North Shore, is due to appear at Blackpool Magistrates' Court later this afternoon, a court official said.
Armed police were called to Cromwell Road yesterday morning after a man was seen brandishing a handgun in the street.
People fled in a panic and the nearby Westminster Primary Academy went into lock-down at around 9am.
Around 350 children were unaware of the drama unfolding outside as staff locked the front door and put into practice a well-versed emergency plan.