The crash happened in the 4700 block of West Martin Luther King Jr. Boulevard around 1 a.m.
Police believe the 37-year-old man was using the crosswalk to get to his car when he was struck by a driver traveling eastbound. The victim was pronounced dead at the scene. His name has not been released.
Investigators say the suspect drove away and is now wanted on felony hit-and-run charges.
Both directions of Martin Luther King Jr. Boulevard were closed for nearly four hours while police investigated the deadly hit-and-run crash, which officials and neighbors say is a crime that happens all too often in the area.
"This is one of the most dangerous intersections in Los Angeles," said Crenshaw District resident Willie Blanton. "Somebody could be standing right there to cross the street and it's like the guys driving cars won't even recognize them; they'll just keep on going."
"Fleeing and leaving somebody lying in the middle of the street is just inhumane," said LAPD Detective Grace Brady.
Area residents say they are fed up with the drivers who they say fly by with no regard to pedestrians. They add that it's about time something is done.
"Coliseum (Street) to Rodeo (Road) is like a straight up racetrack," said Blanton.
"People have been hurt very badly. Kids have been hit. There have been accidents, each one trying to beat the turn. They don't care," said Patricia Martin.
The suspect's vehicle was described as a 1999-2002 champagne-colored Land Rover Discovery. Police believe the SUV may have front-end damage. A description of the suspect has not been released.
Anyone with information about this case was asked to contact the LAPD South Traffic Division at (323) 421-2577.