It happened just before 5 p.m. on Frankford and Solly avenues.
Police say a 67-year-old man was driving a red Hyundai when he lost control of the car and struck a white Volkswagen.
Witnesses told investigators the Hyundai was speeding down Frankford Avenue at the time.
The Volkswagen was reportedly coming to a stop at a traffic light when it was struck, which caused it to spin out and strike an overpass pillar.
Officers say two people in the Volkswagen, a 26-year-old woman and a 4-year-old boy, were taken to Jefferson-Torresdale Hospital.
Authorities say the child is in critical condition and is expected to be transported to Children's Hospital of Philadelphia when he is stable. The woman in the Volkswagen is in stable condition, according to authorities.
The driver of the Hyundai was also transported to Jefferson-Torresdale Hospital in critical condition.
He is being questioned by police at this time. There is no word yet on what caused this collision.
Residents in the area say this stretch of roadway is known for speeding.
"It's extremely dangerous, especially walking. Cars fly down Frankford Avenue, they come really close to clipping each other," noted Charles Myers from Philadelphia.