The teens, 14 and 17, are accused of taking a vehicle at gunpoint from a 31-year-old man around 4 p.m. in the 800 block of North Kedzie Avenue, according to Chicago police.
Police officers spotted the stolen car in traffic and initiated a traffic stop when the teens got out of the car and fled on foot, police said.
The 14-year-old was taken into custody in the 3500 block of West Roosevelt Road, and the 17-year-old was arrested one block away to the west.
Each boy faces one count of aggravated vehicular hijacking with a weapon and possesion of a stolen vehicle.
No further information was immediately available.