The 33-year-old male, of Mississauga, was hit by a 2007 Mazda sedan on Derry Road near Hurontario Street at around 11:30 p.m. Friday evening.
The pedestrian suffered life-threatening head injuries and was being treated at a downtown trauma centre, police said. He died Saturday morning.
The driver of the vehicle, a 26-year-old male from Mississauga, was injured in the collision and remained on the scene. He is cooperating with investigators, police said.
Investigators with the Peel Regional Police Major Collision Bureau are appealing to the public for any information relevant to their ongoing investigation.
Anyone with information is asked to the bureau at 905-453-2121, extension 3710, or leave an anonymous tip with Crime Stoppers at 1-800-222-tips.