The shooting happened just after 4 p.m. on the 1200 block of N. 58th Street.
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Police say a 20-year-old man was shot once in the chest.
The second victim, an 18-year-old male, was shot 16 times through the body.
Both victims were taken to Penn Presbyterian Medical Center, where they died from their injuries.
The 20-year-old victim was reportedly wanted for a shooting at 52nd and Parrish streets last year.
Police believe the incident was drug-related and are looking for four gunmen who used a car stolen in a carjacking last December.
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Officials say 35 shell casings were found at the scene.
The incident was also reportedly caught on video.
Anyone with any information is asked to contact police at 215-686-TIPS.