Endicott police say 18 year old Kevin Hanrahan of Endwell and 17 year old Pavel Solovyev lined up their cars on Tracy Street.
They raced down the road Thursday morning.
As they came to the intersection with Jackson Avenue, Hanrahan's car collided with another, driven by 80 year old Donald Smith of Endwell.
Smith was not involved in the race.
"There was a gentleman pulling out after stopping at a stop sign and one of the vehicles that was involved in the drag race struck his vehicle and ended up in a pretty bad collision," said Endicott Police Captain James Sheerin.
Both Hanrahan and Smith were taken to local hospitals.
They were treated for their injuries and released.
Police charged Hanrahan and Solovyev with reckless endangerment.
They are scheduled to be arraigned in the Village of Endicott court on Tuesday.
The investigation is continuing and more charges are possible.