The crash happened about a quarter-mile north of Sunset Boulevard shortly before 1:30 a.m.
Police said a 1999 Ferrari smashed through a power pole and crashed onto the beach some 30 feet below the road. The car was severed in two.
Detectives said both the 24-year-old driver and passenger, identified as 23-year-old Glendora resident Basil Max Price II, were thrown out of the Ferrari. One was killed, and the other was critically injured and rushed to the hospital.
The PCH was closed from Topanga Canyon Boulevard to Temescal Canyon Road for several hours but has since reopened.
Authorities say a high rate of speed likely was a factor in the crash. The accident was under investigation.