Police officers were called to reports of a stabbing on Stoneygate Road in Challney at around 4pm.
After being rushed to hospital with multiple wounds, the victim was pronounced dead two hours after the incident.
The victim has not been formally identified but his family has been informed of his death, according to Bedfordshire Police.
Police confirmed a teenage boy has been arrested on suspicion of murder in connection with the incident.
The suspect received hospital treatment for minor injuries, the force said.
Another teenage boy who suffered serious but non-life threatening injuries was arrested on suspicion of violent disorder.
Chief Superintendent John Murphy from Bedfordshire Police said: “Appalling violence has cost a teenage boy his life today.
“We have dedicated specialist officers piecing together the circumstances around this shocking attack and our thoughts are with the victim’s family, as well as friends and the wider community who will be concerned and saddened by this news.
“We believe this was an isolated incident with no risk to the wider public, and our community officers will be patrolling the area to give reassurance to residents.
“We will pursue anybody who thinks the use of weapons is acceptable and we will crack down hard on anybody perpetrating this kind of crime.”
MORE TO FOLLOW