Coquitlam RCMP said the two pedestrians, a man and a woman in their 60s, were struck by a grey Dodge pickup truck that was turning from Gatensbury Street onto Austin Avenue shortly before 3:30 p.m. PT.
Both victims died at the scene.
Coquitlam RCMP Cpl. Jamie Chung said the driver fled the area, but was located by police nearby.
"After the collision, the vehicle stopped briefly and then took off," he said. "Later on we received information that the vehicle was parked somewhere close to here and we were able to locate a vehicle and place the driver under arrest."
Chung said police now need more witnesses to come forward.
"We need to speak to witnesses. If you witnessed the crash and have not spoken to a police officer, call us," he said in a written plea.
Coquitlam mayor raises concerns
Coquitlam Mayor Richard Stewart said more action need to be taken to prevent hit and runs and pedestrian fatalities.
"This is happening too often. It's an outrageous tragedy and it's also a criminal tragedy," said Stewart.
"We've got to do a lot more work on ensuring our pedestrian are safe that are drivers are attentive... that our roadways are as forgiving as possible when the drivers aren't attentive and the pedestrians aren't as careful as they should be."
Police closed Austin Avenue between Schoolhouse Street and Marmont Street in both directions for the investigation. The road was re-opened to traffic after 9 p.m. Wednesday night.