No further information was immediately available about the arrest.
The cyclist was found dead on the street at North Figueroa and Avenue 40 around 3 a.m. Investigators said the cyclist was struck and dragged by the vehicle for approximately 500 feet.
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The car was said to be speeding at the time of the wreck.
The identity of the victim was not immediately released but was described as a man in his early 20s.
The suspect vehicle, described as a smaller black car, possibly a Nissan Altima with a missing front bumper, was located by investigators around 7:30 a.m.
Police did not say where the car was located, except to say it was not far from the scene of the crash.