It happened at noon at the corner of State and Lake.
Police say the SUV was traveling northbound on State.
The boy was taken in serious condition to Children's Memorial. He was awake when put in the ambulance. The man was in good condition.
A witness tells ABC7 the SUV tried to beat the light, but police on the scene said the vehicle did not appear to be moving very fast since it was able to stop quickly.
No word yet on any charges.