The incident happened late Wednesday night near Selma Avenue and Cahuenga Boulevard, according to the Los Angeles Police Department.
Authorities say the two men were walking in the area when someone opened fire and struck them.
A nearby security guard heard the gunshots and rushed to help them.
"I see the guy on the floor bleeding to death. My instinct was to run to him," said Eric Hinckley. "I grabbed a shirt that was right there and I plugged up the hole, applied pressure and then just kept on talking to him."
The LAPD said the men appear to be tourists but could not confirm where they were visiting from. Both men were taken to the hospital and are expected to be OK.
Officers say the victims and gunman didn't have any interaction before the suspect opened fire. No arrests have been made.