Martin, 30, lost his title to Anthony Joshua in the UK earlier this year and had been contemplating his next move when the incident took place.
A witness told LAPD officers that two suspects approached the car Martin was sitting in, began an argument and eventually started shooting.
Although they initially missed, Martin gave chase but was involved in a collision whilst doing so and was then fired upon by the men and hit in the arm.
The fighter was then taken to hospital, and according to TMZ Sports, said the following: “I looked down and saw a pool of blood. I said to myself, ‘I gotta get outta here. I’m gonna die. I’m gonna bleed to death. I have to pay respect to the cops. They saved my life.”
In contradiction to the witness, Martin also stated that he was driving away from the gunmen and not giving chase when the incident occurred.
A police investigation is under way as the gunmen remain at large.
Boasting a record of 23-1-1, Martin is still considered one of the top ranked fighters in the top division but faces a spell on the sidelines once given the all clear to be discharged from hospital care.