Police arrived at the couple's home in the Hyde Park neighborhood around 8:30 p.m. Monday after a report of shots fired, Officer Chris No said.
April Jace, 40, was found dead inside, officials said.
Michael Jace was taken into custody and booked early Tuesday on suspicion of homicide, No said. He was being held in a Los Angeles jail in lieu of $1 million bail. Calls from The Associated Press seeking comment from Jace's agent and manager were not immediately returned Tuesday.
Coroner's officials were on the scene Tuesday morning in the quiet residential neighborhood.
Jace, 51, is best known for his role as LAPD Officer Julien Lowe in the TV series "The Shield." He also appeared on the show "Southland" and had small roles in the movies "Planet of the Apes," ''Boogie Nights" and "Forrest Gump."
Jace and his wife were married nine years and have two young sons. Lt. John Jenal said two children were at the single-family home at the time of the shooting. They were in protective custody this morning, he told City News Service.
Michael Jace was previously married to Jennifer Bitterman, but they divorced in 2002.
Records show Jace filed for bankruptcy protection in March 2011, listing debts between $500,000 and $1 million. Much of the debts appeared to be related to his home, which he owed more on than it was worth, and more than $22,000 he owed in state and federal income taxes. More than $20,000 of his tax delinquency was owed to the state of California for the year 2008.
His wife was identified as a public school teacher for the past 10 years, according to the filings.
In a statement of his assets, Jace checked off a box indicating he didn't own any firearms.
Jace had agreed to a payment plan in the bankruptcy, but by November 2013 had fallen behind by nearly $2,000. A trustee sought to dismiss the case over the late payments, but that petition was withdrawn on Dec. 24, 2013, records show.
There are no records of any criminal cases involving Jace in Los Angeles.