Police say the three teenagers entered a home on Morala Avenue in Runaway Bay at 4pm yesterday and stole a black Mercedes.
A 54-year-old woman was hit by the car as the teens allegedly fled the scene in it.
The woman was taken to hospital with critical injuries.
Police tracked the stolen car to the Yatala South Interchange on the M1 where the three teenagers were arrested just before 4.30pm.
The home has been declared a crime scene and police are investigating.
Charges have not yet been laid.