Around 4 p.m. Saturday, the boys were walking behind businesses that are part of the River Park Shopping Center.
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Authorities say they were then approached by three to four other teenagers in hoodies and masks.
The group started demanding the two give them their belongings.
The two victims initially refused, and then one person in the suspect group allegedly pulled out a handgun, while the others reportedly had kitchen knives.
One of the victims was pistol-whipped, which left a cut on his cheek.
The victims then complied, handing over items including jewelry, cell phones, and cash.
One of the boys also had to give up his jeans and sweatshirt.
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The victims walked home and called police from there about an hour after the robbery happened.
Fresno Police later learned the alleged suspects may still be in one of the stores.
When officers arrived, they stopped a group of young men who matched the description, but determined they were not involved.
Investigators are looking for surveillance video in the area.
Police also say there is no greater threat to the River Park area at this time, and the shopping center has extra officers on patrol and security due to the increased holiday traffic.
Stay with ABC30 for the latest details on this developing story.