The attackers were riding on a motorcycle as they passed the Jalamah Crossing, north of Jenin, on Tuesday night, the Israeli military said.
The Palestinian Red Crescent Society identified the dead man as Abdullah Faysal Towalba, 21, who died of his injuries at a hospital in Jenin. The other Palestinian attacker, who is 15, was moderately injured, according to the Red Crescent Society, the Palestinian Maan news agency reported.
No Israeli troops were injured.
Last week, a 16-year-old Palestinian girl was shot and killed by Israeli security forces during an attempted stabbing attack at an Israeli checkpoint east of Jerusalem.