Chicago police said the victims were walking down the street when a gray Chevy Impala pulled up and someone got out and fired shots in the 3000-block of S. Wabash around 4 p.m.
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A 17-year-old boy was shot in the left side of his body and taken to University of Chicago Hospital in critical condition, police said.
A 16-year-old boy's arm was also grazed by a bullet, police said. He taken to Northwest Memorial Hospital in good condition.
IIT Professor Kai Shu said the school emailed a notice alerting everyone on campus that shots had been fired.
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"It was surprising for me," Shu said. "It's really nearby. You just walk here, you can see this building is really nearby this parking place, so, yes, kind of shocking to me it was so close to us."
It's not believed that the victims were students at the school. Chicago police said no one is in custody.
This is a breaking news story. Check back for updates.