The crash happened around 10:30 p.m. Wednesday.
Eyewitness News obtained dramatic video of the rescue after the car fell off the freeway and caught fire.
Witness Giovanni De La Mora said they were coming from Lake Jackson to street race in Houston when they saw flames coming from the Mercedes that was on its side.
De La Mora said he saw people pull the driver from the burning car and give him CPR but the passenger was crushed inside.
Police said it appears the driver ran a red light at Silber and was speeding, trying to exit off the freeway when he went through the intersection and over the concrete barrier.
An officer was at the red light and saw the Mercedes, but police said they didn't have enough time to pursue the driver.
Police said it's a dangerous time to be on the road with Spring Break and the rodeo going on.
"There are a lot of street racers out here this weekend. There are also a lot of Spring Breakers, also a lot of people going to the rodeo and additionally St. Patrick's Day comes up this weekend," Houston Police Commander Kenneth Campbell said.
Investigators said it is too early to determine if alcohol played a factor.
The teeangers are believed to be 17 or 18 years old. The driver is in critical condition.
VIDEO SHOWS DRAMATIC RESCUE