Luke Wilson and golfer Bill Haas were both involved in the horror crash.
A car that the LAPD said belonged to Luke – who previously appeared in Legally Blonde alongside Reese Witherspoon – was hit by a Ferrari.
The accident involved a Ferrari and a BMW in the Pacific Palisades neighbourhood in Los Angeles at 6:31pm on Tuesday evening, according to police.
MEGAHORROR CAR CRASH: Luke Wilson has been involved in a fatal car crash
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The driver of the Ferrari – who was driving with golf pro Haas, 35 – was pronounced dead at the scene, while two others were taken to a nearby hospital.
The man inside the Ferrari was reportedly aged 71.
Detective Jeff Fischer of the LAPD told television station KTLA: "I can confirm Luke Wilson was driving the vehicle, the Toyota FJ that was travelling northbound.
MEGASHOCKING IMAGES: The actor's car was reportedly clipped by the Ferrari
“His vehicle just basically got clipped by the Ferrari”Detective Jeff Fischer
"His vehicle just basically got clipped by the Ferrari."
He went on: "Mr Bill Haas was the passenger in the Ferrari.
"Apparently, from what I was told, he's doing okay too."
A patent from the Los Angeles Fire Department said the two people injured, a 35-year-old male and a 50-year-old female were "both in serious condition".
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Haas was set to play in the PGA Tour's Genesis Open, at the nearby Riviera Country Club, starting on Thursday.
Luke Wilson is best known for his roes in Legally Blonde, The Royal Tenenbaums and Anchorman.