Los Angeles police said the stabbing happened at the intersection of Martin Luther King Jr. Boulevard and Vermont Avenue, and officers responded to the scene at about 1:25 p.m.
According to LAPD, the teenager was in a verbal argument with two people, described as a male and a female.
The argument turned physical at some point and the teen was stabbed, police said.
She was transported to a hospital, where she later died.
Police said both suspects were arrested.
The victim was not immediately identified.