Officials said the student, identified as Jin Su Lee, died on Thursday from his injuries.
It's not clear how the fight started, but school officials said the boys were best friends.
According to school director of development Bill Stark, the boys were in P.E. class and were asked to run a lap when one boy called the other over.
"They started discussing an issue that was between them, and then there was an exchange of blows," Stark said. "It wasn't a ferocious fight. It took about 10 seconds."
Witnesses said the victim collapsed suddenly seconds after the fight.
School officials said they see the incident as a tragic accident.
Authorities said they are waiting for autopsy results, saying it's possible he had some type of preexisting health condition.
The 17-year-old is not likely to face charges, officials said, because the victim allegedly instigated the altercation.