The 18-year-old was last seen by friends at King Edward VI School in Handsworth, Birmingham, on 26 February.
West Midlands Police said she was found by security guards in the city following an intensive search.
Five people were arrested by police investigating the disappearance of the Walsall pupil but were released without charge.
The four men and a woman, aged between 27 and 48, had been held on suspicion of kidnap.
Miss Anwar was a “straight-A” student who was due to pick up her A-Level exam results from King Edward VI School on Thursday, police said.
There had been a number of unconfirmed sightings of her in the Digbeth area of Birmingham on Wednesday.
A force spokesman said: “She was spotted by security guards who called police after seeing our appeal.
“Zoya has been taken to Birmingham central police station where specially trained officers will speak to her to make sure she is OK.
“It goes without saying that we thank everyone who helped the search for Zoya.”