One of the men, aged 26, was then stabbed in the chest several times before the boy fled empty-handed, police said.
The man suffered a collapsed right lung and was in a serious but stable condition at the Royal Prince Alfred Hospital.
Police said the teen was arrested after a chase in a nearby street.
He was taken to Burwood police station, where he was charged with several offences, including common assaulting and wounding with intent to cause grievous bodily harm.
He was refused bail to appear at a children’s court. A knife found at the scene by police was taken for forensic examination.