The shooting took place in the area of George Street North and Parkhill Road just before 7 p.m. Wednesday evening.
Police say witnesses reported hearing multiple gunshots.
With the help of the K-9 Unit, police searched the area but were unable to find the suspects.
A Scarborough male, 17, was found suffering from multiple gunshot wounds and was taken to Peterborough Regional Health Centre.
He was then taken to a Toronto-area hospital and is now listed in stable condition with non-life threatening injuries.
Police add the connection between the suspects and victim is not fully clear, however it is believed to be related to the drug subculture.
"At this time, we are actively following up on investigative leads and searching for the suspects. We are asking anyone with information to come forward, and if not comfortable speaking directly to the police, then to do so anonymously through Crime Stoppers,” said Chief Stuart Betts.
“These events are absolutely concerning and strike at the feelings of safety for everyone in our community. Although little comfort, we have information to believe that this was another targeted incident, and once again, we believe the illicit drug trade is at the heart of it. I have said many times, where there are illicit drugs, violence is likely to follow.”
Anyone with information is asked to call Peterborough Police at 705-876-1122 extension 555 or Crime Stoppers at 1-800-222-8477 or online at stopcrimehere.ca.
