Officials said the victim was treated at the scene and transported to Providence Holy Cross Medical Center in Mission Hills, where he later died.
Witnesses gave police a description of the vehicle and detectives tracked it down to make the arrest.
Authorities have not yet released the name or age of the victim pending notification of next of kin.
Anyone with more information was asked to call the LAPD's Valley Traffic Division at (818) 644-8000.
City News Service contributed to this report.