"This logo capture's the essence of LA – a soaring belief that through hard work, creativity and ingenuity, we can follow the sun and reach the highest levels of success," said Los Angeles mayor Eric Garcetti.
The winged figure is coloured using a palette inspired by the city's sky at sunrise and sunset, in keeping with the bid's slogan: Follow the Sun.
"Everyday people follow the sun to our city in pursuit of their dreams, spurring unprecedented creativity, innovation and progress," said LA 2024 chairman Casey Wasserman.
"We're inviting the world to Follow the Sun to California in 2024, to join us in LA for an Olympic and Paralympic Games that signal the dawn of a new era for the Olympic Movement," he continued.
The unveiling ceremony took place on 16 February 2016 in downtown Los Angeles, and was attended by more than 100 Olympians and Paralympians.
Los Angeles is competing against Paris, Rome and Budapest for the opportunity to host the 2024 games. The International Olympic Committee is expected to select a bid by late 2017.
If LA is chosen as the host city, an organising committee would create another logo for the Games themselves.
In the wake of controversy surrounding the venue for the Tokyo Olympics in 2020, Los Angeles officials are adamant their city can host the 2024 Games while remaining under budget.
According to the Associated Press, Garcetti stated that 97 per cent of the necessary infrastructure is already in place, and existing stadiums – such as the Staples Center and the LA Coliseum – are to be repurposed for the event.
It is one of only five cities to host the Olympics more than once, including the Tokyo games taking place in 2020.
The logo for the Tokyo 2020 games by Japanese graphic designer Kenjiro Sano was unveiled in July 2015, but the event's organising committee withdrew the design amidst copyright controversy. Organisers are now running a public competition to find a replacement.