"It could have gone tragically wrong," said NC State Campus Police Chief Dan House.
The incident happened September 9 and it started outside a Chipotle Restaurant on Hillsborough Street.
Police said 24-year-old Zachary Olson was waving a handgun when he confronted students.
House said Olson asked what is the "rapiest" frat on campus and also allegedly went on to say he would "teach them a lesson."
The students were alarmed and called 911. Police immediately started searching campus.
House said Olson was located near the Student Center.
When he was arrested officers found a loaded weapon and extra ammunition.
According to the search warrant, Olson told police he was on a mission for "vigilante justice" on rapists at colleges and fraternities, and that his plan was to kill people.
"Something that happened to a former girlfriend, is what he said, and he was going to take out revenge for that," said House.
Police said the quick action of students thwarted a plan that could have gone terribly wrong.
"See something, say something," said House. "If you see something that's weird, it probably is. Let us know. If we come out and it turns into nothing, it turned into nothing. But it could, like in this case, saved lives."
Olson is facing two charges for the incident. He posted a $10,000 bond and was released from jail.
Olson's attorney declined to share any comment about the case.