Police responded to reports of a collision at Magnolia and Buchanan avenues around 9 p.m.
According to witnesses, a black 2012 Toyota Camry was traveling eastbound on Magnolia Avenue when it struck the 53-year-old bicyclist.
The driver reportedly stopped for a few seconds before fleeing the scene.
The victim was transported to Riverside Community Hospital where he remains in critical condition. His identity has not been released.
Police say witnesses followed the driver to the area of Pierce Street and Magnolia Avenue where he was arrested by responding officers.
The driver was later identified as Alvin Lennon Johnson, 32, of Riverside and booked for felony hit-and-run at the Robert Presley Detention Center.
Anyone with any information was urged to contact Detective Ken Madsen at (951) 826-8723.