The collision happened around 8 p.m. Wednesday at Tampa Avenue and Roscoe Boulevard.
Investigators said a Ford van was making a left turn onto Roscoe Boulevard just as a silver Nissan Maxima and a blue Toyota Tacoma sped through the intersection.
Pablo Castaneda, the 24-year-old driver of the pick-up truck, and Jasmine Dubon, a 19-year-old pedestrian standing on the sidewalk, died at the hospital. Police said four people, including two other pedestrians, were injured.
"It is possible that the vehicles that were both speeding were speeding for reasons of road rage and/or street racing, but that's still under investigation," said LAPD Lt. David Ferry.
Charges are still pending. Carlos Ochoa, the brother of the driver who was killed, spoke out about the crash.
"He was a good guy. I don't understand why they're accusing him for one thing that obviously it's a mistake from everybody. He's young. We're all young," said Ochoa.
Massage therapist Clyde Mitchell says he was at work Wednesday night when he heard the cars slamming into his building.
"It felt like an earthquake hitting the room. When I came outside, I saw all the commotion, a couple of people lying out on the sidewalk," said Clyde.
Dubon's family friend, Melody Watanabe, visited the crash site on Thursday to pay her respects. She says Dubon was going to nursing school.
"She was such a bright, talented, so happy all the time girl. She would make everybody smile all the time," said Watanabi. "I am devastated. They need to slow down over here."
Anyone who witnessed the crash was asked to contact the LAPD at (877) 527-3247.