A 14-year-old New Brunswick High School freshman was pronounced dead at 2:24 p.m. at Robert Wood Johnson University Hospital.
His 17-year-old companion remains at the hospital in critical but stable condition.
Their names were being withheld.
Authorities say the teens argued with a group of people at the corner of Jersey Avenue and Delavan Street just before 4:00 Sunday morning.
Police arrived a short time later to find the wounded teens on the ground. They were taken to the hospital.
No descriptions of the suspects are available.
Anyone with information is asked to call Detective Mark Pappas of the New Brunswick Police Department at (732) 745-5217, or Investigator Michael Daniewicz of the Middlesex County Prosecutor's Office at (732) 745-4018.