The teenager was driving the silver Renault Clio when overturned after a crash with another car in Kenilworth Road, Knowle, Solihull, at around 9.30pm on Monday.
The boy died at the scene and his family are now being supported by specialist officers from West Midlands Police.
A female passenger, also aged 15, was treated at the scene by paramedics before being taken to hospital. Her injuries are not believed to be serious.
The driver of a second car, believed to be a grey Peugeot 206, has been arrested on suspicion of causing death by dangerous driving. He remained in police custody for questioning today.
Detective Sergeant Paul Hughes, from West Midlands Police's Serious Collision Investigation Unit, said: "This is an extremely tragic incident and our thoughts go out to the family of the young man involved.
"We are in the early stages of our investigation and still need to gather all available evidence.
"With this in mind I would ask that people do not speculate on the circumstances of the collision, especially on social media.
"This does nothing to help our investigation or support the families and others involved."
Two ambulances, two paramedic officers and a MERIT trauma doctor and critical care paramedic attended the scene.
A West Midlands Ambulance Service spokesman said: “Ambulance crews arrived at the scene to find an overturned car. The passenger, a teenage girl, had managed to self-extricate from the vehicle but the driver, a teenage boy, was trapped and in a critical condition. An off-duty doctor and bystanders had commenced CPR prior to crews arriving.
“Ambulance staff worked quickly with fire colleagues to release the teenager from the vehicle and commenced resuscitation efforts. Crews worked as a team to administer advanced life support on the boy but sadly, despite the best efforts of everyone, nothing could be done to save the teenager and he was confirmed dead a short time later.
“The girl was assessed and was found with no apparent injuries but, due to the nature of the collision, was conveyed to University Hospital Coventry and Warwickshire for further checks.”
Police are calling for any witnesses to the crash, or who have dash cam footage of the vehicles prior to the collision, to contact them.
Anyone with information can call West Midlands Police on 101, quoting incident number 4744 of November 23.
Alternatively, contact Crimestoppers anonymously on 0800 555111 or at crimestoppers-uk.org