Walker's team released this statement on his Facebook and Twitter pages:

It's with a heavy heart that we must confirm Paul Walker passed away today in a tragic car accident...MORE: http://t.co/9hDuJMH99M - #TeamPW — Paul Walker (@RealPaulWalker) December 1, 2013

TMZ reports that Walker was in a Porsche Carrera GT when the driver somehow lost control of the vehicle. It then slammed into either a post or a tree and then burst into flames and exploded.

It is not yet known what caused the driver to lose control, but the Los Angeles County Sheriff's Department said that the crash happened around 3:30 p.m. in the 28300 block of Rye Canyon Loop.

Walker's other credits include “Varsity Blues,” "Into the Blue," “Flags of Our Fathers” and “Takers.” He is survived by his 15-year-old daughter, Meadow.

UPDATE (Dec. 1, 8:45 a.m. EST): Although it's unclear what caused the accident, authorities have said speed appears to have played a major factor.

UPDATE (Dec. 1, 11:00 a.m. EST): The driver in the fatal crash that killed Paul Walker has reportedly been identified as 38-year-old Roger Rodas. According to local reports, Rodas was the CEO of automotive company Always Evolving, and the pair was in his 2005 Porsche Carrera GT when he lost control of the car and struck a tree. Walker, a car aficionado, was allegedly one of Always Evolving’s owners, and Rodas himself was a former race car driver.