Officers were called to reports of gunshots on Cooks Road, Kennington, at just after 6pm yesterday evening.
The young victim was then found suffering from gunshot wounds on nearby Warham Street.
Medics battled to save his life but he was pronounced dead just before 7pm.
Detectives from the Met's Homicide and Major Crime Command have been called in to investigate the shooting.
The boy's family have been informed of his death and a post-mortem examination will now take place.
The killing is one of more than 60 fatal shootings and stabbings in the capital so far this year.
A Met Police spokesperson said: "Police were called at approximately 18:05hrs on Saturday, 5 May to reports of gunshots heard on Cooks Road in Southwark.
"Officers, including firearms officers, attended. A 17-year-old boy was found nearby on Warham Street suffering from a gunshot injury.
"The London Ambulance Service and London's Air Ambulance provided first aid; he was pronounced dead at 18:56hrs."
No one has been arrested in connection with the incident.
Anyone with information is asked to contact officers via 101 quoting reference cad 6414/5May or Crimestoppers anonymously on 0800 555 111.
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