The incident took place near the intersection of La Brea Avenue and Sunset Boulevard around 12:15 a.m., police said.
The suspect and the two victims are believed to have been in the same group. An argument took place, leading the suspect to pull out a handgun and open fire, striking both victims, according to the LAPD.
One victim was pronounced dead at the scene and the other later died at the hospital.
The suspect fled on foot and are still outstanding. The LAPD had previously stated they were searching for two suspects.
The victims are identified as males in their 20s from the Lancaster/Palmdale area.
According to witnesses, the group was on its way to a nearby strip club to celebrate one of the victim's birthday.
The victims' identities are being withheld pending notification of their families.
Anyone with information is encouraged to LAPD West Bureau Homicide at 213-382-9470, or if during non-business hours at 213-972-2971.