The shooting occurred about 12:15 a.m. Sunday in the 1100 block of South Palos Verdes Street, according to the Los Angeles Police Department. The initial call reported four to five shots being fired at a party.
"When officers arrived to the area of the call, they discovered two victims had sustained gunshot wounds," the LAPD said in a statement on Monday morning.
A man about 40 years of age died at the scene, police said. Information on his identity was not immediately available.
"The second victim, a female ... approximately 45 years old, was transported to a local hospital and is currently listed in stable condition," police said.
A third victim, a male approximately 50 years old, had also been struck by gunfire and was transported to a hospital in a private vehicle prior to officers arriving at the scene, police said. That man was reported to be in stable condition.
No suspect description was released. Anyone with information on the case was urged to call detectives at 323-786-5100 or 877-LAPD-247. Tipsters may also call Crime Stoppers at 800-222-TIPS or www.lacrimestoppers.org.