The victims are said to be 11-years-old Kevin Amaya, and 13-year-old Mario Quintanilla.
Both are said to be students at Charles A. Mulligan School.
Quintanilla was rushed to Southside Hospital with head injuries, and Amaya was taken to Good Samaritan Hospital with a broken arm, leg and facial injuries.
Both were listed in serious condition.
The driver of the white livery cab remained on the scene.
Police say the children were crossing the street but were not in the crosswalk.
