Of the seven who were struck by gunfire, four of them were initially listed in critical condition as they were transported to local hospitals, police say.
Authorities later said two people had died at the hospital.
The incident was reported at or near a car show at Peck Park, on N. Western Avenue just before 4 p.m. Police said although the shooting was in the vicinity of the show where hundreds of people had gathered, it did not appear the shooting happened at the show itself.
Witnesses said hundreds of people were gathered for the car show and other activities around the park. When gunfire erupted, people immediately ran from the scene in terror.
"All of a sudden we heard three shots - pow pow pow," said witness Dwayne Ellis. "Then we heard about 50 or 100 more -- pow pow, boom boom. All kinds of shots. People were running."
Police say the incident began as a dispute between two people in the area of the baseball diamond at the park. They said it was not considered an active-shooter situation.
Police are investigating the likelihood there was more than one shooter exchanging gunfire.
The Los Angeles Fire Department said four males and three females were taken to local hospitals.
Police cordoned off the area around the park as they investigated the shooting.
Information about the suspected shooters was not immediately available.