A busy junction in Kingswinford was shut for eight hours after a van and a car were involved in a collision at around 5am on Saturday.
The driver of the car was taken to hospital with "potentially serious injuries" while the van driver is alleged to have fled the scene on foot.
Both cars were left with major damage at the crossroads next to The Cross Inn, with the car hitting traffic lights near Wombourne Windows. The white van ended up across the road with a crumpled front end.
The junction of High Street and the A491 Market Street was shut until just before 1pm as a result, with heavy congestion as buses and lorries were diverted along local roads.
The 21-year-old suspect handed himself in at a police station just before midday on Saturday.
He was arrested on suspicion of dangerous driving and failing to stop.
A West Midlands Police spokesman confirmed he had been released under investigation while enquiries continue.
Anyone with information is asked to contact police quoting log number 564 of October 9.