The incident happened around 10:45 p.m. Sunday in the 1100 block of West 53rd Street.
Officials said it started with a complaint from a neighbor about a loud party.
Two patrol officers responded. As they approached a large group of young men outside a house, police said one man reached into his waistband and then started running.
Officers chased the man. At one point, he turned around and showed a handgun, prompting an officer-involved shooting, according to Capt. Gary Walters of the Los Angeles Police Department.
The suspect died at the scene. His identity has not been released.
Officials said they recovered the suspect's handgun. It's unknown if one or both of the officers fired shots.
The shooting remains under investigation.