Officers responded to a report of a shooting in the 500 block of South Genesee Street around 2:30 p.m., according to a statement from Waukegan police.
Kyron Goode, 18, of Waukegan, was found shot twice in the chest outside Barwell Manor Apartments, police said.
Goode was transported to Vista Medical Center East where he was pronounced dead shortly after arriving at the hospital.
During the investigation, police identified two suspects and a vehicle connected with the shooting.
The vehicle, was seen traveling northbound in Zion toward Wisconsin, police said.
With the assistance of Zion and Kenosha police, a 17-year-old Waukegan boy was taken into custody for outstanding warrants. He was charged with first degree murder and is in the process of being extradited to Lake County.
Police also identified a second suspect that remains on the loose.
The incident is under investigation.