Los Angeles police say the victim, an adult male, was shot around 2:30 p.m. in the 7700 block of Beck Avenue.
Investigators were looking for 55-year-old Norberto Correa. He is considered armed and dangerous.
The suspect and the victim were heard arguing before gunfire broke out. Police believe the two are acquaintances.
Correa was taken into custody in MacArthur Park area at about 3:30 p.m. Monday. He implicated himself to LAPD detectives, according to the department.
Anyone with information was asked to contact the LAPD's Foothill Community Police Station at (818) 756-8861.