The incident happened shortly before 1:30 a.m. Sunday on Mitchell and Norwood avenues.
Riverside police say Jesus Gamez of Riverside and a male passenger, both 18 years old, were traveling in a 1994 Ford Mustang southbound on Mitchell, approaching Norwood.
According to witnesses, the car was racing a silver sedan when the Mustang, going about 120 mph, lost control after running a stop sign at Norwood and crashed into a parked 2005 Honda Accord. Both the Mustang and Honda then struck a wooden telephone poll.
The silver sedan fled the scene following the crash.
The driver and passenger of the Mustang were extricated from the car and transported to Riverside Community Hospital, where the passenger died of his injuries. Gamez suffered non life-threatening injuries. Police say he was under the influence of alcohol at the time of the crash.
The collision is under investigation. If you have any information regarding the incident, you're urged to contact investigators at (951) 351-6099.