Emergency services were called to the junction of Washwood Heath Road and Phillimore Road, in Saltley, Birmingham, at around 11.10pm last night.
West Midlands Ambulance received several 999 calls reporting the smash which involved a cyclist and a car.
The man was in a critical condition when paramedics arrived at the scene and he died a short time later.
West Midlands Police officers believe there were four men in the car at the time of the collision – and all four fled the scene. Efforts are now underway to identify and trace the offenders.
The car, a grey BMW M135i registration LG20 MYB, has been seized for forensic analysis.
Investigators are also working to identify the cyclist, a black man believed to be in his 50s or 60s with long grey dreadlocks, and they are asking anyone who may know who he is to get in touch.
The road was closed in both directions while specialist reconstruction staff examined the scene. It has now been reopened.
Detective Sergeant Paul Hughes from the Serious Collision Unit, said: "I believe the man who has tragically lost his life in this collision may well be local and I would ask anyone who may know who he is to get in touch.
"My main priority right now is to identify the cyclist and ensure that his family are aware. I have made the decision to release his description now in the hope this leads us quickly to his family
"I would also urge the four men who were in the car at the time of this collision to do the right thing and come and talk to us.
"They clearly know what has happened and made a conscious decision to run away.
“There were lots of people out on Washwood Heath Road to celebrate Eid when the collision happened.
"I would appeal to anyone who witnessed the collision and hasn’t already spoken to us, or has CCTV or dash-cam footage to get in touch."
Two ambulances, two paramedic officers and a MERIT trauma doctor was sent to the scene.
A West Midlands Ambulance Service spokesman said: “The cyclist, a man, was in a critical condition upon arrival of ambulance staff who immediately took over resuscitation efforts and commenced advanced life support on scene.
“Sadly, despite best efforts nothing could be done to save the man and he was confirmed dead a short time later.”
Anyone with information, or who witnessed the hit-and-run, or who knows the victim, is asked to call West Midlands Police on 101 quoting log number 5069 of July 30.
Witnesses can also email email@example.com.
Alternatively, call Crimestoppers anonymously on 0800 555111.