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One person was injured in the 11:45 a.m. incident at the corner of Race Street and West Main Street, Macungie Police Sgt. Travis Kocher said.
The stabbing was believed to be targeted rather than random, and there was no danger to the public, Kocher said.
The unidentified victim was taken to Lehigh Valley Cedar Crest in unknown condition, the sergeant said.
Eyer Middle School, Macungie, Shoemaker, and Willow Lane elementary schools were placed on lockdown while police searched for the suspect, who they say fled on foot, LehighValleyLive reports.
The shelter in place order was lifted around 2 p.m.
No arrests have been made and the investigation remains ongoing.
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