The crash happened on State Route 292 in Holmes at approximately 12:30 a.m.
The driver was identified as 17-year-old Kevin Taylor, who was pronounced dead at the scene.
The passengers were identified as 17-year-old Kendal Spray and 18-year-old Emily Ketchum. Both were transported to Danbury Hospital in Connecticut for the treatment of non-life threatening injuries.
Police say all occupants appear to have been wearing their seat belts at the time of the crash.
The preliminary investigation has indicated that Taylor was operating a 2004 Subaru Impreza southbound on Route 292 near the Dutchess/Putnam border when he lost control while traveling through curves in the roadway.
The vehicle then spun and struck a utility pole and numerous trees before coming to rest.
The investigation is continuing, and unsafe speed is thought to be the main contributing factor in the crash.
Drug and/or alcohol involvement is being investigated, but is not thought to be a factor at this time.