The incident happened about 2:25 a.m. on Pacific Avenue near 14th Street.
Police said the driver was in a pickup truck when he struck Miguel Aquino, 34, who was crossing the street.
According to witnesses, the pickup was speeding. The impact was so strong it knocked Aquino's shoes off and threw his body into the back of a parked car.
Witnesses said the driver never slowed down as he or she raced away from the scene.
Paramedics rushed Aquino to the hospital where he later died.
Aquino was a well-known and well-liked barber in San Pedro.
"Everybody knew him, everybody got along with him. He was a very nice person," said Aquino's sister-in-law, Cindy Aquino.
The suspect's pickup truck is described as a white Ford F-150 with tinted windows, large tires and a wide gold or silver stripe along the body. Investigators said it may have significant front-end damage from the impact.
The victim's family said they hope the suspect will turn themselves in.
"If they would have stopped, we would understand, but he didn't have the heart to stop and help him or anything," Cindy Aquino said.
Anyone with information about the hit-and-run is urged to call Los Angeles police at (877) LAPD-24-7 or (877) 527-3247.
