Police were called out in response to gunfire near 53rd Street and Parkside Avenue around 3:00 Sunday morning.
Arriving officers reported seeing a vehicle flee from the scene and a chase ensued.
The fleeing car went into Fairmount Park and onto Belmont Mansion Drive, where the driver lost control sending the vehicle rolling down an embankment.
One male passenger was trapped inside and later pronounced dead on the scene.
A second male fled the scene, running into the park. Police later apprehended him and found he was suffering from a gunshot wound to the shoulder.
He was taken to the Hospital of the University of Pennsylvania in serious condition.
A third male also fled the scene and police continue to search for him.
No identities have been released.