The collision happened just before 8.30am yesterday in Lowgill, Kendal, Cumbria, when a bus and a heavy goods vehicle collided.
The bus was carrying passengers, including schoolchildren aged 13 to 16. No child was seriously hurt.
A Cumbria Police spokesman said: "The driver of the bus, a man, 47, from Kendal, has been arrested on suspicion of dangerous driving."
The 44-year-old driver of the HGV was taken to Preston Hospital with serious but not life-threatening injuries.