Blong Vang, 21, is being held in the Outagamie County Jail on $20,000 cash bond. Tou Thao's bond was set at $15,000 cash.
The pair now face charges of possessing a firearm in a school zone and child abuse with intent to cause harm.
According to court documents, the men from the Wausau area traveled to the school to pick up a female student who was dating Vang, so the two could attend a wedding over the weekend. But prosecutors say they also had plans to potentially settle a score.
"There was a bullying issue, and there was an intent to address that with the person that he viewed as causing that issue," prosecutors said in court Monday.
A school resource officer noticed Thao, and later Vang, in the hallway after school, and they couldn't give a consistent answer about why they were there.
Police found two guns during a search of their car in the school parking lot -- one in the back seat and another in the trunk. The gun in the back seat was loaded. The guns were not brought into the school.
Investigators believe both men have gang ties and say evidence collected from the cell phone of Vang's girlfriend indicates they came to target the student considered a bully.
Vang and Thao are ordered not to have any contact with East High School, other parties involved, or any gang members.
A 16-year-old who traveled with Vang and Thao was also taken into custody last week and transported back to Marathon County.