Both Palma and Martinez were also found guilty of one count of attempted voluntary manslaughter and shooting at an inhabited dwelling.
They were acquitted of all attempted murder charges and one count each of attempted voluntary manslaughter.
As the initial guilty verdicts for the most serious murder charges were read aloud, both men sat stone-faced as one juror broke down and started sobbing.
Carlos Pinon's mother, Juanita Pinon, managed to flash a small, short smile to police detectives as a translator whispered the first verdict to her.
But what should have been a relatively short court proceeding was turned on its head after verdicts on the attempted murder and attempted voluntary manslaughter charges were interrupted midway through their reading when court officials discovered the jury had made procedural mistakes in making those decisions.
That set off a series of unusual events in Pasadena Superior Court that at times had Judge Candace Beason grappling with how to salvage the verdicts.
"I've never had a case like this," she told the court.
Beason sequestered jurors for the remainder of the day after she sent them back to deliberate and fill out new verdict forms, since she could not accept the findings on the lesser voluntary manslaughter charges without a not-guilty verdict on the greater attempted murder charges.
Jurors had apparently wanted to convict the two men for the attempted murders of then 15-year-old Juan Beltran, who sustained serious bullet wounds in the shooting, and his friend Jose Morales, who escaped unharmed.
Defense attorneys immediately claimed the mix-up was the result of confusing jury instructions governing Palma's and Martinez's self-defense arguments.