The crash was reported shortly before 12:30 a.m. at the intersection of Decoro Drive and McBean Parkway.
Santa Clarita sheriff's officials said the driver of a BMW was traveling at high speeds in between traffic when it crossed into opposing lanes in an attempt to pass cars and crashed into a Honda sedan head-on.
Passersby pulled out the 34-year-old BMW driver before the vehicle erupted into flames, however, he was pronounced dead at the scene.
The driver of the Honda, who police said was an 18-year-old man, was also killed in the crash. Officials previously reported the 18-year-old was ejected and the BMW driver died inside his car, but that information was later updated by police.
A friend identified the teen as Collin Gore, a recent graduate of Hart High School. The identity of the 34-year-old was not immediately known.
"It's really sad. I mean, here's a kid who's just graduated. Here's a kid who's got everything ahead of him and that's not going to happen for him anymore," Saugus resident Richard Killam said.
Friends said Gore had graduated with academic honors, was on the swim team and in ASB, and was headed to San Diego State University in the fall.
Residents in the area said speeding on the wide roadways is all too common.
Hours after the crash, both cars were towed from the scene with the BMW charred beyond recognition and the Honda completely smashed.
"It's hard for the valley. It's hard for the community. Unfortunately, it's going to be extremely tough for two sets of families. This is going to be their Fourth of July for the rest of their lives. This is how they remember the Fourth of July," Sgt. David Shoemaker said.
It was unclear if drugs or alcohol played a factor in the crash. Authorities believe speeding was a key contributor.
Gore's loved ones held a vigil at Hart High School Tuesday night.