Richardson, 18, and Jackson, 18, along with defensive back Mike Edwards, 18, and companion Marie Montmarquet, 22, were charged after a report of an armed robbery at a gas station in an area known as "The Strip" at the edge of Tennessee's campus.
It was not clear if any of the suspects had hired a lawyer.
"At this time we are currently evaluating the circumstances surrounding an incident involving Mike Edwards, Janzen Jackson and Nu'Keese Richardson," athletic director Mike Hamilton said. "Any decisions or comments regarding their status will not be made until the evaluations are complete."
The three victims told police they were sitting in their parked vehicle about 2 a.m. Thursday at a gas station near Tennessee's campus when two males dressed in hooded jackets, one brandishing a handgun, approached and demanded, "Give us everything you've got."
"The victims stated that they all presented their wallets to the suspects and showed them that they did not have money," the police report said. "The victims stated that a third black male then approached and told the other two black males, 'We've got to go.'"
The three suspects were seen leaving in a Toyota Prius, and police pulled over a vehicle matching the description on Tennessee's campus. Police spotted a pellet gun and hooded jackets and later found drug paraphernalia and a bag of what appeared to be marijuana.
Police say Montmarquet told them the drug paraphernalia and substance belonged to her and she was charged with simple possession.
The victims identified Richardson and Edwards as the men who approached their vehicle.
Richardson, a highly touted recruit from Pahokee, Fla., originally committed to Florida but switched to Tennessee after being recruited by coach Lane Kiffin. Kiffin joked in a February recruiting celebration that Florida coach Urban Meyer cheated in trying to keep Richardson as a Gator, earning Kiffin a reprimand from the Southeastern Conference.
Richardson had told Kiffin recently he was frustrated with his lack of production but scored his first touchdown in a 56-28 win over Memphis on Saturday. He's had six catches this season for 58 yards and served as a punt return specialist.
Edwards, a Cleveland, Ohio, native has played in eight games this season and registered five tackles.
Jackson, a Lake Charles, La., native, has started seven games this season, logging 33 tackles and a forced fumble. He was suspended for the Memphis game, a week after he was named SEC freshman of the week for a strong performance against South Carolina.
Neither Jackson nor Kiffin would say why he was suspended, but Jackson said after Wednesday afternoon's practice that losing playing time would discourage him from making poor decisions off the playing field.
"It kind of felt like being injured and watching your team play ... it kind of had the same feeling, but to know it was my fault, so it kind of feels a little bit worse," Jackson said. "It's in the past now, and I'm back to work."
Read the full report at the Knoxville News Sentinel.