Authorities said it happened just before 3 a.m. when Rony Kevin Velasquez, 22, was crossing Atlantic Avenue and was struck by the driver of a pick-up truck.
Velasquez died from his injuries. Police said the occupants of the truck fled the scene on foot.
Both directions of Atlantic Avenue at Sego Court are closed as the investigation continues.
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Anyone with information that might assist the investigation is asked to call Raleigh CrimeStoppers at (919) 834-HELP or visit raleighcrimestoppers.org for text and email reporting options. CrimeStoppers pays cash rewards for anonymous tips that help solve cases.