Shawn Seesahai was pronounced dead after being stabbed near a primary school
The force said Shawn Seesahai died after being stabbed in open land off Laburnum Road, East Park, shortly before 8.30pm on Monday.
He was found in a critical condition, with paramedics fighting to save him with life support at the scene.
But the ambulance service said “nothing could be done” and the teenager died of his injuries shortly after.
The incident occurred near Stowlawn Primary School, with a manhunt launched and nearby roads closed as officers searched for evidence.
The two boys were arrested on Tuesday night at their home addresses and remain in custody.
The force has increased dedicated patrols in the area following the death, it said.
DCI Dave Sanders, from the homicide team, said: “Our thoughts remain with Shawn’s family, who have been fully updated with this latest development.
“Our investigation is moving at pace and we continue to encourage anyone with information to contact us.”
Anyone with information that may help with the investigation is urged to contact the force quoting incident 4878 of November 13.