The incident happened around 8:50 p.m. on the 1500 block of JFK Boulevard.
Police said the male victim was taken to a hospital with stab wounds to his leg. He is listed in stable condition.
Another teenager, whom investigators believe is the suspect, was taken to Children's Hospital of Philadelphia with injuries to his face.
Authorities recovered a weapon at the scene.
Police have not released additional details about what led to the stabbing.