Black-on-black crime in England: A 16-year-old boy has been shot dead after being chased by youths on bicycles
Officers were called to reports of shots being heard on the Stockwell Gardens Estate in Stockwell, south London, just after midnight.
The teenager was found suffering gunshot wounds and was pronounced dead at the scene.
The Met's Operation Trident team, which investigates gun crime in London's black community, is investigating.
Det Insp Geoff Whitehouse said: "Initial reports suggest that the victim was running away from a number of youths on bicycles prior to being shot.
A post-mortem examination is due to be carried out on the boy's body at Greenwich mortuary on Thursday.
Police believe they know who the victim was, but they have not formally identified him.
No arrests have been made.
BBC London's Home Affairs correspondent Guy Smith said there were about seven youths wearing bandanas who chased the victim, who was from Tulse Hill, south London.
He added that police have not ruled out the killing being gang related.
Boy, 16, shot dead by youths on bicycles
Timeline: Teenager killings in the capital