His partner, whose name wasn't reported, was taken to Harbor-UCLA Medical Center in critical but stable condition.
The driver of the SUV fled the scene on foot.
Sanchez is the third LAPD officer to die this year in a traffic accident. In March, one officer was killed in a crash in Beverly Hills and in April, a motorcycle officer died after he was hit by an alleged drunk driver.
LAPD Chief Charlie Beck took to Twitter to express his grief over the loss.