South Glens Falls Police Chief Kevin Judd said the investigation began after people concerned about the Nov. 3 party at the Spare Time bowling alley told authorities about racy photos that had been posted on social networking sites.
At least one of the images shows a scantily clad, tattooed woman clinging upside down to a seated teen as others look on.
"Several kids at the party got lap dances," Judd said. "We have a lot of people to talk to."
The names of the boy and his parents haven't been released.
Saratoga County District Attorney James Murphy said Thursday that investigators were trying to determine who hired the dancers and if the alley served alcohol to any of the partiers.
He said there were 80 adults and teens in a room where floor-to-ceiling windows were masked off with brown paper while the two dancers from a company called "Tops In Bottoms" performed.
"Whether it got beyond that, we don't know," Murphy said. "We don't know about sex acts."
The teens and dancers aren't targets, he said, but child endangerment is among the potential charges faced by any adults who organized the party. Also, the bowling alley's liquor license could be revoked if it knowingly allowed the exotic dancing or served alcohol to anyone under age, he said.
A man who answered the phone at the alley Thursday said he had been told to refer questions to the police.
In addition to endangering, Murphy said there could be charges of unlawfully dealing with a child if kids were served alcohol and misdemeanor sexual abuse if it's learned either of the dancers was touched through their skimpy clothing.
Tops In Bottoms didn't immediately return a message.