The event took place at the Ohio Building, Terre Haute.
Forest Park Elementary School second-grade teacher Kathy Twitchell was named Educator of the Year by the organization while Sam Glover was named Volunteer of the Year.
Twitchell told The Brazil Times she was surprised when she learned she had received the honor.
"I was really honored," Twitchell said. "I felt like I was accepting (the award) on behalf of all the teachers from Clay Community Schools. But it's something I'll remember forever."
Twitchell has taught at Clay Community Schools (CCS) since 1979. She began her career at Clay City Elementary before moving to Forest Park.
She has also taught fourth- and fifth-grade.
Glover echoed Twitchell's sentiments, saying he was surprised he was honored Thursday.
"It's a real honor," Glover said. "It's something I enjoy. It's cool to be out in the community and see the kids you've (taught)."
Glover has worked with second-grade students in CCS for approximately eight years, teaching them about community as a volunteer. He said he also teaches the students how business functions.
"It's a great curriculum," he said. "The reality of it is really cool."
Others honored by Junior Achievement included Debbie Sneddon (Volunteer of the Year), Linda Burkett (Educator of the Year), Jeff Habermel (Entrepreneur of the Year), and Brad Bilyeu (Businessman of the Year).
Terre Haute Mayor Duke Bennett was the guest speaker at the event.
A silent auction and dinner also took place. All proceeds from the event benefit Junior Achievement of the Wabash Valley.