Police have released a surveillance picture of the suspected gunman.
Investigators say the man fired at least ten shots at the intersection of 4th and Walnut streets around 10:30 p.m. Friday.
The victims - ages 15, 16 and 20, all males - were standing on the corner when the shots were fired.
"You had two groups of individuals that were approaching each other, posturing themselves for some type of altercation," said Delaware County District Attorney Jack Whelan.
All were taken to Penn Presbyterian Medical Center.
Whelan said the 16-year-old boy and the 20-year-old man did not survive. The 15-year-old boy remains hospitalized with a gunshot wound to the arm.
Investigators believe they have those responsible narrowed down and are close to an arrest.
"Most if not all of the individuals involved in this are from the Colwyn area," said Whelan.
Several neighbors heard it happen.
"I was upstairs with the baby and I heard the five shots real fast," said Diemmah Parks. "I ran downstairs to check to see if my son was out here, and when I got out the young man was laying on the ground."
"There was young people crying, the young girls were crying," said Briton Eatmon.
Anyone with information on the identity or whereabouts of the suspect is asked to contact Colwyn Police Chief Hills at 484-494-4900 or Delaware County CID Detective Tim Deery at 610-891-4700.
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