It happened around 6 a.m. near the intersection of 6th Street and Western Avenue.
Police told Eyewitness News the victim, who was described only as a man in his 80s, was found injured in the middle of the street.
He was rushed to the hospital where he later died. The driver fled the scene.
A detailed description of the driver's vehicle wasn't immediately available, so detectives are hoping to speak with any witnesses. They're also canvassing the area for any surveillance cameras that may have captured the incident.
"It's an unfortunate non-surprise, actually," said a Koreatown resident who spoke with ABC7 Wednesday. "It does not seem safe over here just due to the reckless driving in the area."
Anyone with information is urged to contact police.