The crash occurred at about 10 p.m. in the area of 66th Street and Normandie Avenue, according to the Los Angeles Police Department.
A gray Dodge Charger was racing a dark-colored Chevrolet Tahoe southbound on Normandie when it hit a woman, who was crossing the street in an unmarked crosswalk, police said.
Police said the driver of the Charger fled the scene.
Paramedics transported the 34-year-old victim to a hospital, where she was pronounced dead.
Anyone with information regarding the case was urged to call the LAPD's South Traffic Division at 323-421-2577, or during non-business hours or weekends, at 877-527-3247. Those wishing to remain anonymous can contact Crime Stoppers at 800-222-8477, or www.lacrimestoppers.org.
City News Service contributed to this report.