The students are Gabriel Stefano Gonzales-Portillo, 21, Jordan Owenbey, 22, and Sejiro Sashasen King Littleton, 22.
The arrests happened off-campus at a 700 block of North Main Street apartment in Davidson about 3 p.m. Tuesday, Davidson police said.
Police found lysergic acid diethylamide (LSD), marijuana, cocaine, drug paraphernalia, a shotgun, and about $5,000 cash, they said.
Gonzales-Portillo was arrested and charged with misdemeanor possession charges and felony cocaine possession. He is held on secured bond of $5,000.
Owenbey was charged with felony possession of cocaine, marijuana, and LSD, felony maintaining a dwelling for the sale of narcotics, and misdemeanor possession of marijuana. His secured bond is $10,000.
Littleton was released after being cited on charges of misdemeanor possession.
Littleton and Owenbey both used to be wrestlers at Davidson College, according to officials.
It’s uncertain whether the students are suspended for their actions.
Police ask anyone with more information on the case to call Davidson Police Detective Vernon Siders at 704-940-9635 or Davidson Police Sergeant Scott Searcy at 704-892-5131.