The shooting was reported around 12:30 p.m. Thursday in the area of Athel Avenue and Sego Street. Officers arrived to find local residents trying to help a man on the ground with gunshot wounds to his upper body.
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The victim was transported to a local hospital and police confirmed he was later pronounced dead.
The incident was described as a car-to-car shooting and police say the victim does not live in that neighborhood.
Two vehicles were spotted at the scene, police say. The victim was a passenger in a black Mercedes and the suspects were in a white Honda, possibly a Civic or Accord. Both vehicles fled the scene.
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"Things like this don't usually happen in residential neighborhoods, specifically in Irvine, in broad daylight with people home and walking and out and about," said Irvine police Sgt. Karie Davies.
"It appears this was not random. For whatever reason it seems our victim was targeted."
Investigators are canvassing the neighborhood for any witnesses or video that might provide a license plate or description of the suspects.