Police are investigating whether the man found dead on an inner-city Sydney street on Friday afternoon was involved in a home invasion just minutes before he was killed.

The man, today identified as 30-year-old Sydney hip-hop artist Jett McKee — who used the stage name Scepaz — was found dead in the middle of the road in broad daylight in the leafy Sydney suburb Forest Lodge.

McKee was heard fighting with a man and a woman inside a terrace house on Hereford Street at around lunchtime.

Neighbours say they saw a man staggering down the street with blood pouring down his face before he collapsed and died.

The area was immediately placed into lockdown, with traffic diversions in place, and residents told to stay inside their homes.

A man and a woman are still on the run, but police say they know who they are looking for, and believe the trio knew each other.

Both are described as being Caucasian, in their mid-20s — the man has short brown hair, while the woman has bleached blonde hair.

Detectives are now investigating whether McKee used a replica gun during a suspected home invasion gone wrong before he was killed.

The pistol was seized during a line search after the attack, while knuckle dusters and a balaclava were found on the road.

Witnesses have described seeing a man and a woman chase McKee before the man allegedly pulled out a Samurai sword.

Police are confident no shots were fired, but have been unable to reveal how the victim died.

The 30-year-old, whose LinkedIn profile describes himself as a "software order processor", was also the self-described head of Sub Conscious Records.

His Triple J Unearthed profile biography states McKee released a solo album, Lost Ones, in 2012 and followed it with a "16-track conceptual album" Love.