The alleged suspect, whose name was not immediately released, was booked into Metropolitan Detention Center on $2 million bail.
His accomplice in the shooting remains at large.
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The fatal attack was reported July 15 around 8:40 p.m. at the Rite Aid in Glassell Park, located in the 4000 block of Eagle Rock Boulevard in Los Angeles.
The LAPD said that two unidentified suspects entered the business, walked directly to the beer display and took a case of beer each.
Peñaloza, an employee of the business, confronted the suspects as they attempted to flee without paying.
A brief struggle over the beer took place and one of the suspects brandished a firearm and shot Peñaloza, killing him.
Peñaloza was a beloved brother, uncle and son. Since his death, there has been an outpouring of grief over his murder.
Miguel Penaloza. (Credit: GoFundMe)
"Miguel's beautiful spirit touched the hearts of everyone who knew him and his death has left so many heartbroken and in disbelief. He is mourned by his whole community," a message on a GoFundMe for him reads.
Additional details were not immediately available.
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