At approximately 5pm on October 16, police witnessed two vehicles driving fast, beside each other, towards the Ron Camm Bridge on the Bruce Highway.
Both of these vehicles are described as Holden Commodore Utes.
Police locked a speed on mobile radar at an alleged speed of 123kmh in the 80kmh signposted area.
Officers intercepted both vehicles a short time later, the teenage drivers of these vehicles are alleged to have been racing each other.
Both teens will be dealt with under the provisions the Youth Justice Act.