Burnaby RCMP said the collision happened on 13th Avenue near Wright Street at around 8:30 p.m. PT Sunday night.
The cyclist, a 72-year-old man from Surrey, was pronounced dead at the scene. Police said he didn't appear to be wearing a helmet.
Witness says driver stopped and looked
A woman in the neighbourhood who heard the crash told CBC News she saw the immediate aftermath.
Yvette Smart says the driver appeared to see the cyclist who had been hit, but then drove off without helping.
"I heard yelling first, and someone was saying 'hey, hey,' and then I heard a big crash, so I looked out my window over here, and there was a guy lying on the road," Smart said.
"[He had been] riding his bike and a lady in a black Honda had hit him, and she was looking and looking and then she just took off. She just left him lying there," Smart said.
Staff Sgt. Rob Marks says police would now like to hear the driver's take on what happened.
"Obviously, it's still under investigation at this time, and we need to get both sides of the story to find out what actually occurred," Marks said.
Const. Karen Whitby said police could only confirm that they are looking for a black, two-door car that may have some impact marks on it.
"The vehicle involved should have damage to the passenger side and was last seen traveling eastbound on 16th Avenue," Whitby said.
"Police are seeking any information from witnesses to this incident or anyone who may have seen the suspect vehicle or driver following the collision."