Walker, 40, was a passenger in the high-powered super-car when it spun out of control in Santa Clarita at 3:30pm today.
The actor was giving rides in his new Porche when the accident occurred.
The LA County Sheriff's department has confirmed that two people died in a collision at 3:30pm today, but no names have yet been released.
However, representatives for the actor have confirmed that Paul Walker was one of the two men who died this afternoon.
'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 organization Reach Out Worldwide,' reads a Facebook update on Walker's official page.
'He was a passenger in a friend's car, in which both lost their lives. We appreciate your patience as 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. We will do our best to keep you apprised on where to send condolences. - #TeamPW.'
Walker was reportedly an investor in the Always Evolving auto shop in Valencia, California and was in the area for a car show to support the Philippines typhoon relief effort.
Witnesses at the crash scene posted video of the site on YouTube, showing debris from the crash and emergency workers cordoning off the area.