Von I. Meyer was arrested Friday afternoon at his home in Cedar Lake, the Chicago Tribune reported.
Police were called to Meyer's home after he allegedly threatened to set his wife on fire after she fell asleep, said a statement from Cedar Lake police.
Meyer also allegedly threatened to enter Jane Ball Elementary School, which is near his home, and "kill as many people as he could before police could stop him," the statement said.
There was no indication in the statement that the case was related to the school shooting in Newtown, Conn.
All local school officials were notified of the threat and implemented extra security measures as a precaution, police said.
About 47 guns and ammunition were found hidden around Meyer's home, police said.
Meyer was officially charged Saturday with four counts of felony intimidation, one count of misdemeanor domestic battery, and two counts of misdemeanor resisting law enforcement, the police statement said. He has been held without bail at the Lake County Jail pending an initial hearing.