The incident unfolded late Wednesday night on Wandering Ridge Drive, according to the San Bernardino Sheriff's Department.
A surveillance camera captured what happened after deputies pulled over a Nissan Altima with Oregon license plates overnight.
In the footage, according to the Sheriff's Department, a passenger gets out of the car with their arms in the air. The man who was driving also gets out, walks to the trunk of the vehicle, opens it, and shoots the kidnapping victim inside before deputies open fire.
When deputies moved in, they discovered a man inside the trunk. Authorities say the victim was 60 years old and the suspects are 67.
"It is disturbing," said sheriff's spokeswoman Gloria Orejel. "Apparently there was a victim inside there who had been kidnapped from the previous Monteverde (Drive) address."
Both the gunman and the kidnapping victim were pronounced dead at the scene. The passenger was taken into custody.
Several hours later, AIR7 was over the scene where there was a covered body on the ground next to the car, as well as several evidence markers. The body still appeared to be in the trunk.
The identities of the two dead people have not been released. No deputies were hurt in the shooting.
According to investigators, the sequence of events began just after 10 p.m. on Monteverde Drive, where deputies responded to a report of shots fired and a person yelling for help. The deputies arrived at the scene and spotted the driver of a Nissan, then attempted a traffic stop.
"The driver failed to yield and a short pursuit began," Orejel told reporters. The chase ended on nearby Wandering Ridge Drive, where the subsequent shooting occurred.
According to authorities, the deputies were initially unaware that someone was inside the trunk of the car. The victim was not discovered until after the suspect opened fire.
Detectives later said the victim was abducted from the home, forced into the trunk of the car and driven away.
"I was shocked, to be honest," said Gregory Uthus, who lives near the scene. "This doesn't happen in Chino Hills."
Meanwhile, the sheriff's department said in an Instagram post that there is no threat to the public and that there are no outstanding suspects.
"Residents can expect a continued law enforcement presence in the area as the investigation remains ongoing."
The motive for the kidnapping and shooting were unknown. Authorities are expected to provide an update on the investigation sometime Thursday.