The shooting happened around 3:40 p.m. outside the AutoZone at Cedar and Clinton avenues.
Investigators say a group of students were standing outside when a fight broke out at some point.
One of the 15-year-old students pistol-whipped a person, and a 16-year-old student pulled out a gun, firing several shots.
RELATED: 16-year-old arrested after shots fired near McLane High School, deputies say
No one was hurt and only a truck and a restaurant were hit by the gunfire. Investigators say the other 15-year-old student helped dispose of their guns.
About 30 minutes after the shooting, deputies arrested the 16-year-old gunman, who was found hiding in a backyard less than half a mile away in a nearby neighborhood.
Detectives with the Multi-Agency Gang Enforcement Consortium (MAGEC) and Violent Criminal Apprehension Team (ViCAT) arrested one 15-year-old boy on Thursday and the other on Friday.
Investigators say both guns still have not been recovered.
All three boys have been booked into juvenile hall and are facing felony gun-related charges.
Both the Fresno County Sheriff's Office and Fresno Police Department hope these arrests bring a sense of relief to the McLane High School community as it heads into its next week of school.
If anyone has additional information on this shooting, you're asked to call the Fresno County Sheriff's Office at (559) 600-3111 or Valley Crime Stoppers at (559) 498-7867.