The shooting happened around 10 a.m. near the corner of Q Street and Avalon Boulevard. The man was transported to Harbor UCLA Medical Center, where he later died.
The suspects are still at large. They were last seen driving away in a light-colored truck, possibly a Honda.
Police said the shooting was most likely gang related. No one else was injured in the shooting.
Avalon Boulevard was closed between Q and Sandison streets as police investigated the scene.
According to a statement released by Banning High School, additional campus police will be present through the rest of the week.