RCMP in the southern Vancouver Island city say Kyle Jansen died in hospital on Thursday.
Officers say a 29-year-old man from Victoria has been arrested and remains in police custody, but no charges have been laid.
Police have interviewed witnesses and say Jansen is believed to have exited from a late-1990s-model, dark blue SUV before being found and taken to hospital.
Mounties are looking for a vehicle of that description and its driver.
RCMP said in an earlier statement that Jansen was 21 years old, but confirmed Friday that he was in fact 30.