The two 18-year-old girls were walking near the intersection of Hillsborough Street and Dixie Trail just before 12:45 a.m. when they were hit.
Officials pronounced Natalie Chidlaw, of Cary deceased. Meghan Clarke was taken to WakeMed with non-life threatening injuries. Clark is listed in good condition.
Police said they were looking for a dark Volkswagen that was last seen leaving Hillsborough Street headed towards the State Fairgrounds.
Officers said they located the car involved in the crash in the 100 block of Chalfont Way in Cary Saturday afternoon. A short time later, a male subject who lives near where the vechicle was located was detained for investigative purposes.
Late Saturday evening, officers charged 33-year-old Adetoye Taoheed Adekanmbi with two counts of felony hit and run causing bodily injury or death and with driving while license revoked. Adekanmbi was the individual who was detained earlier in the day.
Adekanmbi is being held in the Wake County Detention Center under $64,000 bond. He is scheduled to make his first court appearance Monday.
An N.C. State student told ABC11 she saw the whole incident unfold.
"The girl ran out in front of us, and we had to brake. And then when they were looking at our car, one of the girls stumbled in the middle of the road. And the other car hit both of them on the other side, going the other way," said Sarah Bjorgen. "I really thought that other car was gonna stop or at least see them, but he just kept going."
A wreath now marks the spot on Hillsborough Street where the accident happened.