Walker was a passenger in a 2005 Porsche Carrera GT that struck a light pole Saturday afternoon in Los Angeles County, the Los Angeles Times reported. The car was engulfed in flames when the fire department arrived.
Walker and the driver of the car, his friend Roger Rodas, were pronounced dead at the scene.
A representative for the coroner's officer told TMZ the two bodies were unidentifiable and the autopsies would be delayed until later this week when both sets of dental records were obtained.
The cause of the crash had not yet been determined, but investigators said they were looking into the possibility that speed was a factor, the Times said.
The crash took place on normally quiet street with a 45 mph speed limit, the newspaper reported.
A statement posted on Walker's Twitter account said the actor was attending a charity event to aid victims of Typhoon Haiyan. Walker and Rodas teamed together to create the Reach Out WorldWide Foundation to help disaster relief in other countries, TMZ said.
"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," the statement said. "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."
Actor Vin Diesel, who co-starred with Walker in "The Fast and the Furious" films, posted on Instagram: "Brother I will miss you very much. I am absolutely speechless. Heaven has gained a new Angel. Rest in Peace."
Rapper Ludacris tweeted: "Your humble spirit was felt from the start, wherever you blessed your presence you always left a mark, we were like brothers & our birthdays are only 1 day apart, now You will forever hold a place in all of our hearts @paulwalker legacy will live on forever. R.I.P."
Talk show host Carson Daly tweeted: "Sick about the tragic loss of #PaulWalker. I enjoyed our time together very much. Such a really nice guy. Prayers to his family and friends."