The students reportedly served two-day suspensions.
No criminal charges are expected and the investigation was handled by Fowlerville High School officials.
The vending machine belonged to the school's food-services program. School administrators became aware of the theft of chips and other snacks last week.
The thefts were noticed when money in the machine didn't match the amount of food removed.
Fowlerville Community Schools Superintendent Rick Heinrich said each student took less than $5 in food. The school is getting rid of the machine.