Actor Michael Jace -- best known for his role as Detective Lowe in "The Shield" -- allegedly shot and killed his wife Monday night in front of the couple's children.

Law enforcement sources told TMZ that Jace called 911 around 8:30 and said, "I shot my wife."

Jace's neighbors in the Hyde Park area of Los Angeles reported shots fired in the home shortly before Jace called 911. Sources told TMZ the actor stayed on the phone, as instructed, until police arrived and found his 40-year-old wife, April Jace, dead.

Jace was supposedly home alone when his wife arrived with their two children -- both of whom are under 10. Law enforcement sources told the website Jace and his wife argued over money before he allegedly shot her in the face.

Jace reportedly filed for Chapter 13 bankruptcy in March 2011, allowing him to restructure and reduce his mortgage payments. He owed $411,000 on his home and had stopped paying his mortgage and was on the brink of foreclosure, according to documents obtained by TMZ.

Sources reportedly said police weren't happy that, after officers took the children to the police station, it took family services four hours to pick them up and take them to the home of a family member.

"They were not physically hurt, but obviously their emotions are running high," homicide Det. Sal LaBarbera told Los Angeles television station KTLA. "Two young children that lost their mom and their dad is in jail, most likely will be in prison for this."

Jace was arrested on suspicion of homicide. He's 51 years old, according to the Los Angeles Times.

Jace played Los Angeles cop Julien Lowe from 2002 to 2008 on FX crime drama "The Shield." He also had roles in "Planet of the Apes," "Forrest Gump" and "Boogie Nights," according to IMDB.com

Authorities told the Times Jace was being held Tuesday in lieu of $1 million.

Contact Tony Hicks at Facebook.com/BayAreaNewsGroup.TonyHicks or Twitter.com/insertfoot.