The incident happened at around 4-30pm and the teenager's death is not being treated as suspicious.
A spokesman for Burnley Police said: "We were called at approximately 4-30pm to Back Lane, Read, to a suspected collapse.
"Emergency services attended and a 17-year-old boy was pronounced dead at the scene. The death is not being treated as suspicious and a post mortem will be carried out in due course.
"The coroner has been informed."
The victim is believed to be Oliver McIvor from Sabden who was a former pupil of Shuttleworth College, Padiham.
As the news emerged of his tragic death social media was flooded with tributes from friends and former school pals including one on facebook from Nicole Nield who said: "It was an absolute privilege to have known you Oliver.
"It just goes to show how God takes the best.
"RIP to a truly amazing lad."