Whether the two incidents were connected was not immediately clear.
About 1:45 p.m., officers put out a help call after hearing about six gunshots as they were arriving at the swap meet located at 4501 South Alameda Street, a spokesperson for the Los Angeles Police Department said.
The officers located the 25-year-old gunshot victim and requested an ambulance, the LAPD said. The two suspects being sought were described only as a male and female wearing ski masks.
Minutes later, another shooting was reported at the intersection of Hooper Avenue and East 43rd Street, about one mile northwest of the swap meet, police said.
A man who had been shot was found at that scene after crashing his vehicle. His condition was unknown.
A possible connection between the two shootings was being investigated by the LAPD.