The sheriff's office said the crash happened in Beach Park at Sheridan and Yorkhouse roads around 3:45 p.m.
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A 60-year-old man in a Ford Mustang was racing a Mazda 3 sedan southbound on Sheridan Road, the sheriff's office said.
That's when a 59-year-old woman, who was driving a Honda SUV northbound on Sheridan Road, tried to make a left turn onto westbound Yorkhouse Road. The Ford struck the Honda as it turned.
The Ford's driver was critically injured in the crash, the sheriff's office said. He was transported to Vista East Medical Center in Waukegan, where he later died.
The Honda's driver suffered non-life-threatening injuries.
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The Mazda's driver, a 26-year-old Zion man, did not strike anything with his vehicle, but investigators are considering him part of the crash.
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Lake County Sheriff's Office Technical Crash Investigations Unit is investigating.
Authorities did not immediately provide further information about the crash.