The driver of a gray 1982 Buick Regal lost control and smashed into several parked cars near 120 Street and Budlong Avenue.
Officers say Olga Herrarte, 48, of San Pedro, a passenger in the Buick, was thrown from it, run over and killed.
The driver fled the scene on foot.
The cause of the collision remains under investigation but investigators believe speeding may have played a part in the crash.
Police are actively searching for the hit-and-run driver. He was last seen running northbound on Budlong Avenue.
Anyone with information regarding this incident was urged to contact Officer S. Taylor at the CHP West Los Angeles Area Office at (310) 642-3939.