Officers responded to the scene in the 1800 block of Green Lane North around 10 p.m. and found two people who had been shot, Palatine police said.
Police later said that the victims, two 16-year-old boys, both died from their injuries after being hospitalized in critical condition.
The medical examiner's office later identified them as Eduardo Alpuzar and Uriel Garcia.
The circumstances surrounding the shooting, including who fired the shots, were not immediately known.
Palatine police have asked anyone with information about the shooting to contact them.
Further information was not immediately available.