The shooting happened just after 4 p.m. on the 1200 block of N. 58th Street.
Police say a 20-year-old man was shot once in the chest.
The second victim, an 18-year-old male, was shot 16 times through the body.
Both victims were taken to Penn Presbyterian Medical Center, where they died from their injuries.
The 20-year-old victim was reportedly wanted for a shooting at 52nd and Parrish streets last year.
Police believe the incident was drug-related and are looking for four gunmen who used a car stolen in a carjacking last December.
Officials say 35 shell casings were found at the scene.
The incident was also reportedly caught on video.
Anyone with any information is asked to contact police at 215-686-TIPS.