According to WGN News, the accident happened just after 6 a.m. Friday at the intersection of 49th and King Drive in the Bronzeville neighborhood.
Police say a 23-year-old man driving a 2016 Dodge Charger was headed northbound on King Drive, as a 24-year-old woman driving a 2017 Hyundai Elantra was traveling eastbound on 49th.
Fire officials say one of the vehicles ran a red light causing the collision.
Two young children, a 2-year-old girl and 8-year-old boy, were passengers in the Hyundai.
The 2-year-old was transported to Comer Children's Hospital in extremely critical condition and is on life support. The 8-year-old is also at Comer Children's in critical to stable condition.
Officials tell WGN the children were not properly restrained in the vehicle. The 2-year-old was also resuscitated at the scene.