Someone shot four of the teens as they sat in a car.
Two of them -- 14-year-olds -- were pronounced dead at Saint Christopher's Hospital for Children.
Another 14-year-old is fighting for his life.
The 16-year-old driver was shot in the neck and is in stable condition.
Homicide detectives are questioning the three others in the car.
Police say it all started around 10:30 p.m. when the victims' vehicle stopped along the 1500 block of East Luzerne Street.
Shortly after they arrived, someone approached the car, pulled out a gun, took aim on those inside the vehicle and opened fire.
Philadelphia Chief Inspector Scott Small told Action News that the 97 Toyota involved has at least six bullet holes in it.
When officers arrived at the scene moments later, witnesses told them that the Toyota had sped off for Saint Christopher's Hospital.
Police on the scene say two suspects have been taken into custody, and they believe one of them is most likely the only person who fired any shots.
So far, no charges have been filed in the case.
Police are still looking for the gun that was used.