SJPD says that the car immediately burst into flames after the single-vehicle crash that happened at 4:20 a.m. in the area of Cottle Road and Blossom Hill.
One of the passengers, a man, was pronounced dead on scene, while a woman was transported to a hospital where she later died.
The juvenile male driver had non-life-threatening injuries and was arrested for two counts of vehicular manslaughter and driving a stolen vehicle.
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He was booked into the Santa Clara County Juvenile Hall.
Police say that the car hit a lightpole near the onramp to Blossom Hill Road while speeding northbound on Cottle Road.
The 2018 Hyundai Sedan was first reported stolen on Thursday.
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This is San Jose's first fatal collision and the first two traffic deaths of 2023.
The names of the victims will be released after the Santa Clara County Coroner's Office notifies families.