According to police, the teens were being chased following an alleged theft at a nearby Target.
Owen J. Roberts School District sent out a letter on Wednesday saying students from their high school were involved in the crash.
"We are saddened to share that two of our Owen J. Roberts High School students and a former student passed away as a result of this incident. In addition, a fourth individual, who is also an OJR student, was seriously injured," school officials said.
According to the Montgomery County DA's office, the deceased have been identified as Gabriel M. Cooper, 17, Nasir Youk, 17, and Saniyah Newsuan, 17.
The fourth person hospitalized in the crash has been identified as a 15-year-old boy.
Police were called around 9:05 p.m. regarding a theft in progress at the Target store on Ridge Pike in Upper Providence Twp., near Royersford.
When police arrived, they attempted to stop a vehicle believed to be associated with the alleged theft, but the driver took off, which prompted a police pursuit.
Video obtained by Action News shows the cars, including police vehicles, speeding by Goose's Montecristo Lounge.
Minutes later, the driver lost control of the car and crashed just outside of a home along the 300 block of Ridge Pike.
"My dog and I, we were watching TV, and all of a sudden, around 20 after nine, we heard this big bang. The poor little dog shot up about three feet in the air because it scared her," said Liz Jurus, of Limerick Township.
Pam Talarico, who owns Apothecary Lounge: A Healthy Care Salon, said a headlight from the car came crashing through her window.
"It's a good thing that the retaining wall is there because it stops the car from hitting the property and doing any damage to the building," she said.
The view from Chopper 6 showed a mangled car in the middle of West Ridge Pike, debris scattered across the road, and a crumbled wall.
"I saw a rumpled mass of metal lying in the road and about eight police cars in back of them, and just chaos," Jurus said.
Neighbors say this isn't the first deadly accident to happen on this road.
Classmates came to the scene to lay flowers for their friends and collect belongings left behind.
"They were funny. They loved to dance in school. They always had a sense of humor. Every time they walked into a room, smile on your face always," said Leah Rose, who was a classmate with some of the teens. "My heart is pumping out my chest, and my stomach has been in a pit since I found out last night."
Grief counseling is being made available to all students and families, Owen J. Roberts School District said.
"Please monitor any signs of grief or behavioral changes in your child as this loss may affect them in unexpected ways," school officials said, adding, "It is important to be honest with your child and allow them to express feelings of disbelief, anger and/or grief."
No officers were hurt in the incident.