A family member on Saturday confirmed to KABC that Honeycutt had died.
The Los Angeles Police Department says it responded Friday afternoon to a report of a man with a gun, and during the initial encounter, the suspect fired a shot out of a residence and officers returned fire.
Crisis negotiators were called, and a SWAT team found an unresponsive man who was pronounced dead by paramedics.
The department, which did not identify the man, said he appeared to have died of a self-inflicted gunshot.
No officers were injured in the altercation, according to LAPD. Several residents in the area had been evacuated as a precaution.
Honeycutt, 27, played for the Bruins from 2009 to 2011. He was a second-round pick by the Kings in the 2011 NBA draft and played in 24 games over two seasons before continuing his professional career overseas.
The Associated Press contributed to this report.