The pedestrian has yet to be identified but is believed to have been a man in his 40s.
Emergency services were called to Sydney Road in Fawkner at around 1.40am after reports of a man laying on the road.
Police said the driver of the vehicle failed to stop after hitting the pedestrian.
“It’s often the case where the driver may not be the at fault party but the moment they choose to make the decision to drive away and leave someone to die on the side of the ride, they commit the offence,” Detective Senior Sergeant Paul Lineham said.
Detectives are urging the driver to hand themselves in and are calling for anyone with information to come forward.
“The person who struck them could have stopped, could have called emergency services and there may have been a chance to save that person’s life,” Mr Lineham said.