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 McKee 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.

The body, identified as Jett McKee, found on the street in suburban Sydney on Friday. ( AAP: Dean Lewins )

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.

A number of tributes to the rapper, who was well-known in the Sydney hip-hop community, were posted online on Monday.

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Hau Latukefu, the host of triple j's hip-hop show, wrote that he would "see him at gigs (and) play his music on the show".

"I know how hard it is to lose a loved one, especially at such a young age, so I'd like to wish strength and love to his family, crew and supporters," he said in the post.

The hip-hop artist has a number of video clips, made in collaboration with local hip-hop artists and filmed around the Sydney inner-city area, on YouTube.