It happened around 5:40 a.m. along Wood Road, just north of Van Buren Boulevard. When officers arrived, they found a grey Lexus sedan on fire.
According to the Riverside Police Department, a preliminary investigation shows that the Lexus was heading north on Wood Road at a high rate of speed when the driver ran a red light at Van Buren.
Police said the driver of a blue Scion was heading west on Van Buren at the time on a green light and crashed into the Lexus.
"After the impact, the Lexus continued northbound, striking a cement light pole, a wooden electrical pole, and a tree before coming to a stop and igniting in flames," said police in a press release.
The driver of the Scion, identified only as an adult male, was not injured and had no other passengers with him. He remained at the scene and has been cooperating with investigators, police said.
Meanwhile, the 17-year-old male driver of the Lexus and an 18-year-old female passenger were pronounced dead at the scene. Their identities have not been released.
A third passenger in the Lexus, a 17-year-old boy, was rushed to the hospital with serious injuries. His condition is unknown.
Police said "alcohol and drugs are suspected factors that contributed to this collision as well as vehicle speed."
The crash remains under investigation.
Anyone with additional information is urged to contact Traffic Detective Amanda Beeman at 951-826-8723 or ABeeman@RiversideCA.gov.