Investigators say the victim has been identified as 21-year-old Daniel Baledran, who they say was an innocent bystander.
It is not clear whether the police or the suspects shot Baledran.
Both suspects were wounded. They were taken to a local hospital and are expected to survive.
An officer was also wounded and taken to a hospital, where he is in stable condition and is expected to make a full recovery.
The gun battle outside the pizza shop lasted a few minutes, and people who heard it said they thought it would never end.
"A lot of gunshots, lots of gunshots," said Linda Fair, who witnessed the gun battle. "I didn't think it was going to stop."
The Chino Police Department released a statement which said, "This is a tragic event that is still under investigation, our deepest sympathy goes out to the Baledran family during this difficult time."
Lisa Hernandez, Rob McMillan and Leanne Suter contributed to this report
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