Capt. Mike Mohel of the Ocean County Prosecutor's Office says the pair were walking from a convenience store when they were held up at gunpoint early Friday.
Mohel says 17-year-old Louis Garcia of Lakewood was shot to the head and killed.
Sixteen-year-old Fernando Reyes, also of Lakewood, was wounded. He flagged down a motorist who took him to the hospital around 12:15 a.m. At the hospital, Reyes told police that Garcia also had been shot. His body was found at 2:15 a.m.
Reyes was listed in critical but stable condition Friday afternoon with a gunshot wound to the torso and arm.
No on has been arrested.