In surveillance video, Schmidt can be heard saying, "Give me my phone," before a gunshot could be heard moments later. The video shows a man throwing a cellphone before another individual can be seen running around a corner being chased by Schmidt, who was then shot in the chest.
The shooter was described by police as a Black male between 5’3″ and 5’5″ "wearing all dark (black) clothing with a light gray camouflage-colored facemask." Officials said this person was armed with a handgun.
The second suspect was described by police as 5’8″ with braids and was "wearing a light gray colored custom designed "KONFUSED" brand hooded sweatshirt with a design on the front that includes three skulls and crossbones with a bejeweled halo above each skull."
The U.S. Marshals Service has also joined the search for the teens, offering $5,000 for information leading to their arrest.
Bill Schmidt, the victim's father, told Penn State World Campus studying journalism, where he was set to graduate in December.
"We are heartbroken over the tragic death of William Schmidt and we share our deepest condolences with his family and friends," the university said in a statement to Fox News Digital.
Police are urging anyone with information on the suspects' whereabouts to contact 215-686-TIPS.
Fox News' CB Cotton contributed to this report.