Surveillance video shows a dark-colored car heading south rapidly on Central Avenue near 33rd Street around 7 p.m. and hitting the bicyclist who was slowly crossing the street.
He is flung in the air, hits a parked car and then falls hard to the ground. The car doesn't stop.
Officials said the victim was taken to USC Medical Center, where he was pronounced dead.
City officials posted video of the hit-and-run here. Caution: Some viewers may find the video disturbing as it depicts the bicyclist being violently struck and thrown in the air.
Anyone with information is asked to call LAPD Central Traffic at (213)833-3713 or after hours at (877)527-3247.
Neighbors have started a GoFundMe to help with the victim's cremation costs.