Walker was en route with a friend to a Typhoon Haiyan charity benefit for his volunteer organization Reach Out Worldwide, when the red Porsche lost control and burst into flames, according to CNN.
"We appreciate your patience as we too are stunned and saddened beyond belief by this news," said Walker's Facebook page Saturday evening, confirming the star's death, and thanking his fans for "keeping his family and friends in your prayers during this very difficult time."
At the time of his death, Walker had been filming the "Fast and Furious 7" in Atlanta, and had returned to the Los Angeles area for the holidays.
Walker was also the star of "Hours," an independent drama that portrays the devastation of Hurricane Katrina in New Orleans, set to be released on Dec. 13.
Walker's career began on the small screen, first with a commercial for Pampers when he was 2, and then with parts in shows such as "Highway to Heaven" and "Touched By An Angel."
His first few movie roles were as supporting characters in teen flicks, most notably in "Varsity Blues."
His career really took off when he was cast as undercover cop Brian O'Conner infiltrating a street-racing gang in 2001's "The Fast and the Furious."
The box-office success of the surprise summer hit yielded numerous sequels. And along with Vin Diesel, Walker was one of the franchise stalwarts.
Walker wasn't just a car enthusiast on the silver screen, off-screen, the actor competed in the "Redline Time Attack" racing series.
On his verified Twitter account, Walker described himself as "outdoorsman, ocean addict, adrenaline junkie ... and I do some acting on the side."
Twitter and other social media exploded with reactions to Walker's death.
"Completely numb and saddened to hear of the tragic death of Paul Walker," wrote one.
Hollywood condolences came from Will Smith, Jack Osbourne, DMX and others.
"No, @RealPaulWalker. No. No. No," tweeted actress Alyssa Milano. Walker guest-appeared with her in the 80s comedy, "Who's The Boss?" "Rest with the angels. You. Sweet boy. #beauty #love #RIP."
He is survived by his 15-year-old daughter, Meadow.