Around 11 p.m. on Thursday, officers responded to a report of an injured cyclist around on the Comox Valley Parkway near Minto Road in Courtenay.
Police say paramedics and firefighters also attended the scene and provided emergency first aid to the man, but he later died of his injuries in hospital.
The RCMP says the Vancouver Island Integrated Major Crime Unit took over the investigation and found the suspect vehicle.
Police did not disclose whether a person had been arrested, but say there is no further risk to the public.
They say investigators are still looking for dashcam footage and are asking anyone with information to come forward.