The 72-year-old singer and the 'Rocketman' actor will join forces for 'Rocketman: Live in Concert' at the city's Greek theatre on 17 October, an event which will see them take to the stage alongside the Hollywood Symphony Orchestra, who will play live-to-picture all the songs from the biopic.
Elton said: "I'm thrilled to debut 'Rocketman: Live in Concert'.
"I can think of no better city than Los Angeles to bring the magic of this movie to life and perform live with the Hollywood Symphony Orchestra. I can't wait for the audience to experience the film in a new and profound way."
It is currently unclear which songs Elton and Taron will perform at the show, which will be produced by the movie's music producer, Giles Martin.
Tickets go on sale later this week.
Taron - who played Elton in 'Rocketman' - performed 'I'm Still Standing' and the film's title track with the 'Candle in the Wind' hitmaker at the Cannes Film Festival in May and admitted singing in front of his friend is "intimidating".
He said of shooting the movie when Elton was on set: "There's really nothing more intimidating than performing in front of Elton."
And it was previously revealed the 29-year-old actor spent almost two months learning the piano from Michael L. Roberts, 'Rocketman's vocal, piano, and performance coach.
When asked how long he worked with Taron on the instrument, Michael said: "It worked out as about two to three hours a day, five days a week, for six to eight weeks in pre-production. And then I was there on set with him every time he was at the piano to to give reminders and help structure each scene."