Peel Regional Police say the incident happened at about 6:30 p.m. on Saturday, as the victim was walking along Morning Star Drive and was crossing Goreway Drive.
Police say the vehicle "accelerated away from the scene," after the victim was hit.
The victim was taken to a local hospital, but he succumbed to his injuries.
Police identified the victim as 82-year-old Jong Joo Park of Mississauga.
Investigators are looking for information about the collision and the actions of the driver before and after the deadly collision.
The vehicle may be a Hyundai Genesis, or another vehicle of similar shape, police say.
Anyone with information is asked to contact investigators at 905-453-2121, ext. 3710. Members of the public can also pass on tips anonymously through Crime Stoppers at 1-800-222-8477.