The juveniles, 16 and 17, are accused of taking a vehicle by force from a 44-year-old man on Sept. 10 in the 3300 block of West North Avenue, police said.
Police spotted the stolen car several hours later and when they approached, the teens tried to run away, officials said.
The 17-year-old was arrested in the 3300 block of West Chicago Avenue and the 16-year-old was taken into custody in the 800 block of North Drake Avenue, according to police.
The 17-year-old was charged with aggravated vehicular hijacking with a weapon, possession of a stolen vehicle, criminal damage to property and reckless conduct.
The other teen was charged with vehicular hijacking and possession of a stolen vehicle.