Authorities say the victim, a Hispanic man in his late 20s to early 30s, was stabbed in the torso. He was pronounced dead at the scene.
He was found by another transient in bushes near the Tujunga Wash at about 7 p.m. Saturday.
Officers believe the victim was a homeless man living in the area.
Results of an autopsy were pending as of Sunday.
People who live in the neighborhood say the area is used as a short cut by children to get to school and people who exercise.
If you have any information regarding this case, you're urged to contact the Los Angeles Police Department at (818) 374-0040.