The incident occurred around 8:30 p.m. near Dorsey High School in the Baldwin Village neighborhood.
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Authorities later said that the vehicle that was first shot at may not have returned fire.
One of the drivers ran over a pedestrian after being shot by someone in another vehicle. That vehicle also ran over another pedestrian as it fled the scene, according to the Los Angeles Police Department.
Authorities said the driver who was shot died and other person killed was struck by the fleeing vehicle. It also struck a bicyclist, who is in stable condition.
Police are looking for a small, light colored sedan, but there is no further information.
A woman spoke with Eyewitness News, saying her niece was in the vehicle that was shot at. Her niece was taken to a hospital and is expected to survive.
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"She was in one of the cars," Guadalupe Delaratorres said. "She's good. She's just in the hospital right now."
Witness Bridgette May said she and her daughter saw the scene unfold.
"I was in the parking lot leaving cheerleading practice with my daughter and we heard gunshots. The police was in the parking lot and they took off in front of me," she said. "I was coming out the parking lot and I just saw the young lady that was in the car, screaming and hollering, and she jumped out of the car. So all I did was pull over to try and help her, to get to the side, and she used my cellphone to call her mom."
The investigation is ongoing.