Washington D.C.: The two-time Oscar-nominee Peter Fonda died at the age of 79 after suffering 'respiratory failure due to lung cancer.' The actor's family confirmed the news to People via a statement.
"It is with deep sorrow that we share the news that Peter Fonda has passed away," the family said. "[Peter] passed away peacefully on Friday morning, August 16 at 11:05 a.m. at his home in Los Angeles surrounded by family," People quoted the statement.
"The official cause of death was respiratory failure due to lung cancer," they added.
"In one of the saddest moments of our lives, we are not able to find the appropriate words to express the pain in our hearts. As we grieve, we ask that you respect our privacy," they wrote.
"And, while we mourn the loss of this sweet and gracious man, we also wish for all to celebrate his indomitable spirit and love of life. In honour of Peter, please raise a glass to freedom, read the statement.
Peter who was shot to fame with his 1969 movie 'Easy Rider' was born in New York City to screen legend Henry Fonda and Frances Ford Seymour.
Peter married Susan Brewer and had two children, actress Bridget Fonda, and Justin Fonda, with her.
The actor switched to the film world and made his debut in 'Tammy and the Doctor' after two years of his Broadway debut.
Peter also featured in 1966's 'Wild Angels,' opposite Nancy Sinatra and Bruce Dern, and 'The Trip' in 1967.
However, the actor became a household name when he starred as Wyatt in 'Easy Rider,' which he also produced and co-scripted. For his work on the project, Peter earned an Academy Award nomination for Best Original Screenplay.
According to his memoir 'Don't Tell Dad: A Memoir' Peter "dove headlong into the era's sea of drugs and sexual freedom," which eventually led to his 1972 divorce from Brewer.
Three years later, Peter married Portia Crockett and continued to act in a series of films, such as 'Ulee's Gold,' 'The Hired Hand,' and '3:10 to Yuma.' He also helmed a number of projects and earned himself several accolades along the way, including four Golden Globe nominations (two of which he won), one Emmy nomination and earned another Oscar nomination for Ulee's Gold.
In 2011, however, Peter and Crockett parted their ways. His final marriage came in June of that year to Margaret 'Parky' DeVogelaere.
He was most recently seen on television series, including 'CSI: NY,' 'Hawaii Five-O,' 'The Blacklist,' and 'Milo Murphy's Law.' At the time of his death, he was in pre-production for the movie 'Skate God,' expected to release in 2020, according to his IMDb. The last film he worked in was 'The Last Full Measure' which is expected to hit theatres later this year.