The car was one of two stolen in an aggravated burglary as residents slept at a home in Rowville in Melbourne's outer southeast about 1.30am on Sunday morning.
It was travelling along Kelletts Road about an hour later when it slammed into a tree and killed the young male occupants, who are yet to be formally identifed.
A passing motorist raised the alarm and the impact of the crash was likely loud enough to wake up neighbours, police said.
Some rain had fallen in the area around the time of the crash and it was possible the car was travelling at high speed, superintendent Matthew Baynes said.
"So inexperienced drivers driving a stolen car in poor conditions, it's a real recipe for disaster," he told reporters on Sunday.
"But (the cause of the crash) will ultimately be determined through the investigation."
A coroner will also probe whether alcohol or drugs were a factor, Supt Baynes said.
Police are still "desperately" looking for the second stolen car, a silver Honda Accord, and investigating whether it contributed to the crash.
The road remained closed on Sunday as investigators looked for clues but was expected to reopen later in the day.
Supt Baynes said police understood community "frustration" stemming from rising aggravated burglaries but expressed sympathy for the dead teens and their families.
"We acknowledge that the people involved in this car may have been involved in criminal offending, and that is disappointing and really concerning for us," he said.
"But ultimately there's no ability for them to try and correct whatever errors they may have made.
"So it's a tragic event all round for everyone."
Crime Statistics Agency figures show there were 24,550 offences committed by children aged 10 to 17 in Victoria in 2024, the highest number since the electronic records started being collected in 1993.
There were about 18 aggravated burglaries on average recorded each day across the state in 2024 and car thefts spiked by 41.2 per cent to their highest level since 2002.
Harsher bail laws to respond to surging youth crime, aggravated burglaries and car thefts came into effect last week after being rushed through Victorian parliament by the Allan Labor government.
Deputy Premier Ben Carroll conceded the bail changes wouldn't immediately bear fruit.
"It always will take some time to turn it around but we are steadfast that community safety is our number one priority," he said.
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