According to Rescue 1122, the accident occurred on Canal Road near Harbanspura when the speeding car hit pedestrians before crashing into a tree. A mother and her two children were walking along the road when they were struck.
One child was killed while another was injured. All three people travelling in the car also died at the scene.
The deceased were identified as 15-year-old Muzammil, 17-year-old Furqan, 18-year-old Nauman, 19-year-old Junaid and 20-year-old Abdul Rehman.
Rescue teams shifted the bodies and the injured child to Services Hospital.
Meanwhile, five more people were reportedly killed in three separate traffic accidents in Muridke, Lahore and Vehari.