The accident happened in Santa Clarita -- north of Los Angeles -- and Paul was the passenger in the two-seater Porsche Carrera GT when the driver somehow lost control and slammed into a post or a tree ... and the car burst into flames.
Several of our sources -- some of whom were at the scene of the accident -- tell us a friend of Paul's was driving and was also killed in the fiery wreck.
Cops say speed clearly played a major factor in the accident, but an exact cause has not been determined yet.
Paul was 40 years old. He leaves behind a 15-year-old daughter named Meadow. Paul's rep tells us he was in Santa Clarita for a car show -- organized by Paul and his charitable organization Reach Out Worldwide -- to support the Philippines typhoon relief effort.
Several of his friends were attending the event ... which was very near to where the deadly accident happened.
Paul took a pic with a fan at the event earlier on Saturday, and the guy posted it ... noting how happy Walker was just hours before the crash.
RIP...PAUL WALKER..............may your soul rest in peace....#feeling down#
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