It’s believed a stolen Mazda CX3 was travelling south on Frank Street when it collided with a Mazda 3 on the intersection of Marine Parade at Labrador before 12.25am.
Two teenagers in the Mazda CX3 were allegedly seen fleeing the scene while two teenagers in the Mazda 3, an unidentified 15-year-old and a 17-year-old boy were rushed to hospital.
The 15-year-old is currently fighting for life, while the 17-year-old is in a stable condition.
Police said a 17-year-old boy and a 14-year-old girl who earlier left the scene after the crash were tracked down by police and taken to hospital, where they remain in a stable condition.
They are now assisting police with investigations.
Police will allege the Mazda CX3 was stolen from Wharf Road in Surfers Paradise just after midnight.
The investigation is continuing.