The teacher told officers she walked over to the two youths to see what they were looking at and one boy was holding a Carmex lip balm container in his hand.
According to the report, she asked the student to open the container. After reportedly seeing white powder inside, she alerted authorities.
A Stow Youth Services report stated that a 14-year-old bought the substance from the other student and snorted it, thinking it was cocaine.
Police said the white powder that was purchased from the 15-year-old student was actually crushed Seroquel, a prescription used to treat symptoms of schizophrenia, depression and bi-polar disorders.
No physical arrest was made.
The case is being handled by Stow Youth Services. Having a counterfeit controlled substance is a fourth-degree felony.