Surveillance video released by Philadelphia police last week showed a 10-year-old, 13-year-old and 14-year-old threatening people with what appeared to be a gun in the Tioga section of the city.
When a victim reported being threatened with a gun, police began the search for the juveniles involved.
The children were turned in by their parents, along with the BB gun they were using.
Police say the parents have been cooperating.
The three face multiple charges including simple assault and related offenses.
Police say the kids could have gotten themselves killed if they pointed the BB gun at the wrong person. They spent Tuesday night in jail.
"They made some bad decisions that day, and they're going to have to face the judge and explain that to him," said Lt. George McClay of the Philadelphia Police.
The boys have been released to the custody of their parents. Police say the boys have never been in trouble before and they're hoping they learn a valuable lesson from their brush with the law.