A group of friends gathered at the site of the crash and created a memorial featuring flowers and balloons.
Though authorities have not officially released the identities of the teens, friends identified them as 17-year-old Jahseem and 18-year-old Alicia.
"He brought so many people together," said friend Israel De La Torre about Jah. "Anyone he was friends with was automatically my friend because I knew him and I was friends with him. He brought everyone together ... just a great soul took too soon. Alicia ... I've only met her a handful of times, but from what I could tell, she was a great person."
The crash happened around 5:40 a.m. Sunday along Wood Road, just north of Van Buren Boulevard.
According to the Riverside Police Department, a preliminary investigation shows that a 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.
The two teens were pronounced dead at the scene. A third passenger in the Lexus, a 17-year-old boy, was rushed to the hospital with serious injuries.
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.