The collision happened on Garfield Avenue, between Garvey and Avondale avenues, just after 8 a.m., according to authorities from the Monterey Park Police Department.
Police said a woman in her 70s driving an SUV collided with two other vehicles and struck all three pedestrians before coming to a stop.
One pedestrian, a woman also in her 70s, was pronounced dead at the scene, police said. The two others struck were transported to LAC+USC Medical Center in unknown conditions.
Police said it appeared the pedestrians were standing at a bus stop when they were struck.
The woman driving the SUV was also hospitalized with unknown injuries.
A woman's purse, shoes and a pair of glasses were seen scattered along the scene of the collision.
Garfield Avenue between Garvey and Avondale avenues was closed as police worked to determine what caused the driver to lose control.