The pair were busted for unlawful hunting and had their firearms seized this morning.
Police teams who executed search warrants in Cromwell and Lake Hayes also recovered antlers believed to have belonged to the two stags.
The antlers would be returned to the owner, police said in a statement.
Only one of the youths is a firearms licence holder.
This licence was seized and the youths were referred to a youth justice process.
"While we are pleased to have caught the offenders to hold them to account, police are disappointed with unlawful hunting occurring in the first place.
"Unfortunately, poaching and unlawful hunting continues to be an ongoing issue across the wider district.
"These are not only for personal safety reasons but also for the flow on effect from the damage caused to rural residents, farmers properties and trophy hunting businesses," police said.
