A statement on the actor’s Facebook page said he was a passenger in a friend’s car, and that Walker was in the area to attend a charity event for his organisation Reach Out Worldwide.
According to fire officials, the single vehicle crash happened at around 3:30 p.m. local time in the Rye Canyon Business Park.
A red Porsche struck a light pole and a tree. Two occupants were pronounced dead at the scene.
A message posted late Saturday on Walker’s official Facebook page read: ”We too are stunned and saddened beyond belief by this news. Thank you for keeping his family and friends in your prayers during this very difficult time.”
The L.A. County Sheriff’s Traffic Services Detail and County Coroner are investigating the cause of the accident.
It said deputies found a car engulfed in flames when they responded to a report of a collision. Images showed the burned-out wreckage of a red Porsche sports car by the side of the road.
"It is with a truly heavy heart that we must confirm that Paul Walker passed away today in a tragic car accident while attending a charity event for his organisation Reach Out Worldwide," the statement on the actor's Facebook page said.
"He was a passenger in a friend's car, in which both lost their lives. We... are stunned and saddened beyond belief by this news.''
Universal Pictures also issued a statement, saying studio staff were "heartbroken" by Walker's death.
"Paul was truly one of the most beloved and respected members of our studio family for 14 years, and this loss is devastating to us, to everyone involved with the Fast & Furious films, and to countless fans.
"We send our deepest and most sincere condolences to Paul's family."