The call came in from UK Police around 1:15 a.m., at the corner of Rose Lane and Linden Walk.
The school sent out an alert warning people of the reported explosion and to avoid the area.
The Lexington Fire Department responded to the scene, along with UK Police and Columbia Gas.
A short time later, the university sent out a follow-up message that said the emergency had passed and that it was okay to resume normal activity.
The Lexington Fire Department said apparently someone poured gasoline on paper in a storm drain and lit it on fire, which combusted and triggered what sounded like an explosion.
No one was hurt and there didn’t appear to be any damage to the storm drain, according to investigators.
Arson investigators were called to the scene.
Authorities were also looking at security camera video from the area to aid in the investigation.