Police said the gun, a 380 caliber pistol, was loaded and stolen.
"I ain't never been in trouble. Never been,” Jarboe said. "I was getting dropped off for my track meet. It was in his car. That's it.”
Sooner coach Bob Stoops has declined to comment on the charges until the legal process plays out.
Jarboe was ranked the No. 10 high school wide receiver in the nation before signing with the Sooners in February.
The two felony charges leveled against Jarboe could carry stiff penalties.
Under Georgia gun laws, the minimum sentence for being convicted of bringing a gun to school property is two years in prison.
In addition, federal gun laws mandate that any student found guilty of bringing a gun to school must be expelled for at least one year.
Jarboe has been suspended from Cedar Grove pending a school hearing on the incident.