Wajih Ahmad, head of the Beit Ur al-Tahta local council in the West Bank, said the teen, Mahmoud Badran, was killed when the car he was traveling in was fired upon by an Israeli military patrol.
The hospital in the West Bank city of Ramallah said another person was moderately wounded and three others were lightly wounded.
The Israeli military had no immediate response. Israeli media said the shooting was aimed at rioters on the scene of a rock-hurling incident toward Israeli vehicles on a busy road. Three were wounded in that attack.
About 200 Palestinians have been killed during that time. Israel has identified most of them as attackers while the rest died in clashes with Israeli troops.
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The assaults were once near-daily incidents but they have become less frequent in recent weeks.
Also today, the Israeli military demolished the home of a Palestinian who stabbed to death an American tourist and war veteran in an attack earlier this year.
The troops entered the West Bank village of Hajjah to knock down the residence of Bashar Masalha. In March, he killed Taylor Force and wounded 10 others in a stabbing attack on a Tel Aviv beachfront promenade.
Israel says it carries out housing demolitions to deter future attacks. The Palestinians consider it a form of collective punishment.