19-year-old Charlie Burns was chased down a street in Hackney on Monday afternoon by a gang of around five men who attacked and repeatedly stabbed Mr Burns before making their getaway in a blue hatchback.
The car subsequently knocked over a lamp post in its bid to get away.
The victim was taken to hospital but died less than 90 minutes later due to the extent of his injuries.
Mr Burns had only within the last month become a father to a baby boy.
Police have confirmed that the arrests of both 19 and 16-year-old men have been made throughout the night.