Armed Crime Squad detectives are investigating after shots were fired in Collingwood this morning.
Emergency services were called to Vere Street, near Palmer Street, where two boys were located with gunshot wounds about 1am.
A 17-year-old boy was taken to hospital with life-threatening injuries.
A 15-year-old boy was taken to hospital with serious injuries.
It is understood a large group of people were fighting on Hoddle Street prior to the shooting.
Detectives believe the incident was a targeted attack and are working to establish the exact circumstances.
Police are continuing to patrol the area for public reassurance.
Anyone who witnessed the incident, with footage or information is urged to contact Crime Stoppers on 1800 333 000 or www.crimestoppersvic.com.au