The crash was reported around 4:25 p.m. Friday near Wilson and Haven avenues, near Chaffey College, according to the San Bernardino County Sheriff's Department.
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The siblings were identified as Elias and Sarah Cruz, ages 17 and 14, respectively. They were students at Los Osos High School.
Authorities say Elias was driving a white Ford Mustang, heading westbound on Wilson Avenue, when he lost control crossing the intersection. The car ended up crashing into a power pole and a tree.
Elias and Sarah died at the scene, authorities say. Another 17-year-old passenger, whose name has not been released was identified only as a teen boy, was taken to a hospital to be treated for non-life-threatening injuries.
A grieving father speaks out
Ray Cruz, the father of the two teens, spoke with Eyewitness News during a vigil held at the site of the crash on Saturday. He said he's still in shock and his new reality hasn't quite sunk in yet.
His children were both loving and unique in their own ways.
"My son was a fanatical baseball player and a fan," said Cruz. "He loved the Dodgers, he loved baseball in general. He worked in baseball, he was at the field, at the gym."
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"Sarah was a bundle of energy," he continued. "She had a hug for everybody. She was everybody's friend, whether it was on the volleyball court or on the softball field."
Several of the teens' classmates stopped by the vigil to honor their friends, leaving flowers and messages.
A GoFundMe has been created to help the family with funeral expenses and has since raised more than $40,000.
"Elias and Sarah both lived a life surrounded by love, both so full of life and with so much life to live," read the GoFundMe's description. "We want to give them the memorial they deserve and say our last goodbyes to rest in peace."
The cause of the crash is under investigation.