New Regency Productions, a film studio that distributes through Twentieth Century Fox, confirmed the actor's death in a tweet.
According to a post on the Walker's Facebook page, he was a passenger in a friend's car at the time of the crash, which happened while he was attending a charity event.
The Los Angeles County Sheriff's department said the crash happened in community of Valencia. The Santa Clarita Signal reports a red Porsche crashed into a light pole and tree and burst into flames, killing both occupants. Photos from the scene show a pile of twisted metal and broken windows.
Police haven't confirmed the names of the victims or the cause of the crash.
In addition to starring in TheFast and the Furious franchise, Walker also starred in Varsity Blues and Joy Ride.
Walker, 40, was working on the latest TheFast and the Furious movie at the time of his death. He also starred in the suspense drama Hours, a movie that is set for release this month.
He left behind a 15-year-old daughter, Meadow.