The storms hit Springdale, prompting several tornado watches and warnings.
According to Fox Weather, at least seven people have been injured.
Springdale police Lt. Jeff Taylor confirmed to the network that two of them were in critical condition.
Fox Weather said that a tornado warning had been issued for the Springdale area just after 4 a.m. CT.
KFSM-TV reported damage to a warehouse and an elementary school gymnasium.
Pictures and videos posted to social media showed flattened structures, broken power lines and fallen trees.
The Springdale School District, which is the largest in Arkansas, canceled all classes Wednesday.
Power outage tracker PowerOutage.US showed 5,781 customers without power just after 10 a.m. CT.
KHBS/KHOG said emergency crews had been deployed to Springdale from Fayetteville.
A tornado watch was issued for most of Arkansas, northern Louisiana, southern Missouri, southeastern Oklahoma and northeast Texas through early Wednesday afternoon.
Forecasters said tornadoes were likely, along with isolated wind gusts of 80 mph or higher.
More than 8 million people live in the area at greatest risk for severe weather, including the cities of Montgomery, Memphis, Baton Rouge and Jackson.
The storms come a week after a New Orleans tornado that struck during the overnight hours and killed a man.
The Associated Press contributed to this report.