Authorities said the crash happened around 5:15 p.m. at the intersection of 82nd Street and Towne Avenue.
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Surveillance footage from a home captured the moments after the child was hit by a dark green Chevrolet Suburban.
The little boy was running across the street to his home on 82nd Street when the speeding car slammed into him. The driver did not stop.
Authorities said the young boy died at the hospital with his mother by his side. Neighbors said they are in shock.
"It's terrible. Terrible because I have little nieces and nephews that are about the same age: 5, 6, 7," neighbor Felipe Carrillo said.
Carrillo caught the driver on his security cameras. He said people speed around the neighborhood, often doing burnouts and donuts.
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The speed limit in the neighborhood is 25 mph, and police said the driver was going about 45 mph.
Police said they are looking for a man who appears to be between 19 and 25 years old. He seemed to be wearing a gold chain, white T-shirt and may have had another man with him as a passenger.
The Suburban is said to be a late 1990s model vehicle and has front-end damage.
Anyone with more information is urged to call the LAPD.