The incident happened Saturday around 8 p.m. in the area of 10th Street and Pico Boulevard.
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Santa Monica police say the pedestrian, believed to be a man in his 50s, was crossing the street when he was hit by a vehicle, possibly a white Dodge Challenger with red racing stripes on the hood.
The vehicle immediately fled eastbound on Pico without stopping to check on the pedestrian or call for assistance.
A second vehicle then struck the man while he was laying in the roadway. That second driver stopped to assist and is cooperating with the investigation.
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The pedestrian was declared dead at the scene.
Anyone with information is asked to contacted Santa Monica investigator Evan Raleigh at (310)458-8954 or evan.raleigh@santamonica.gov, or the police department watch commander (24 hours) at (310)458-8461.