The U.S. Marshals said Thursday afternoon that 16-year-old Kaiseem Smith has surrendered to Philadelphia police.
"The USMS thanks our law enforcement partners, media partners, and members of the public whose assistance helped bring these fugitives to justice," the marshals said in a social media post.
The other suspect, 16-year-old Azzubair Outen-Fleming, was arrested Wednesday night in Colorado.
Schmidt, a 22-year-old Penn State senior, was gunned down just yards from his family's home around 1:30 a.m. on June 6.
Family members said Schmidt had been returning from a nearby bar where he had been watching an NBA Finals game with friends.
Authorities allege the suspects stole Schmidt's cellphone on the 1900 block of Durfor Street. As Schmidt chased after the suspects, one of them turned and shot the Penn State senior in the chest.
Schmidt was pronounced dead a short time later.
Philadelphia District Attorney Larry Krasner said investigators believe Smith was the gunman. Both teens are facing murder charges.
U.S. Marshals previously arrested Outen-Fleming's stepfather, 35-year-old Dante Abdul Malik. He faces charges including hindering apprehension and tampering with evidence in connection with the case.