The shooting took place at about 1:33 a.m. in the 2600-block of South Avers Avenue.
Police said the victims were standing on the sidewalk when shots were fired.
A 16-year-old boy was shot in the abdomen transported to Mt. Sinai Hospital, where he later died, police said. He has been identified to the Cook County Medical Examiner's Office as Jesus Sanchez.
A 15-year-old was shot in the back and transported to Stroger Hospital in good condition, police said.
No one is in custody. Area Four detectives are investigating.
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