The victim, a 44-year-old man, was pronounced dead at the scene at Finch Avenue West and Tobermory Road.
The man, who has yet to be identified, suffered "catastrophic, traumatic injuries," said EMS supervisor Ryan Van Poorten. He was allegedly hit by a car while crossing the intersection.
One vehicle fled the scene after the accident, police said.
Police soon after stopped the vehicle about 5.5 kilometres away from the scene of the accident. They took a 23-year-old woman into custody who they believe was involved in the crash.
She was driving a badly damaged, dark blue BMW. Police are conducting a forensics examination of her car at the scene this morning.
Police said the woman will face charges, and they are trying to determine if speed or alcohol were possible factors in the crash.