Organizers say the carnaval is one of the world's largest celebrations.
Thousands are expected to join in the fun, in clever and often outrageous costumes.
"I just love all of the people," said Craig Nelson, who will be going to the carnaval. "It's a really big street party, everyone is dressed up in costume and it's really, really fun. Being from the suburbs, it's a nice change of pace."
Those in the area can expect streets to be closed for the street party.
Santa Monica Boulevard will be shut down between La Cienega Boulevard and Doheny Drive, and Robertson Boulevard will be closed between Melrose Avenue and Santa Monica Boulevard
The closures will be in effect from 1 p.m. Sunday to 6 a.m. Monday.