Man wanted over fatal Melbourne hit-run

A female cyclist is dead after a hit-run along Melbourne's busy Chapel Street, with the driver who left her to die on the run from police.

The 27-year-old Dutch national died after the stolen white Mercedes-Benz sedan hit her as it cut into the Chapel Street bike lane in South Yarra about 10am yesterday.

The woman was pinned against another vehicle, suffering catastrophic injuries. She died at the scene.

Bystanders helped the driver from the car, with the man pausing to retrieve his belongings from the boot of the vehicle before fleeing the scene.

Victoria Police Inspector Stuart McGregor is urging the "despicable" man to come forward.

"His first thought was to run. It wasn't to help, it wasn't to stop, it wasn't to think about the poor person he's hit," Insp McGregor told reporters.

The car is also believed to have hit several parked cars and another moving vehicle in the incident.

The car had been stolen the previous week during an aggravated burglary at Elsternwick.

"Today, we've lost the life of a young girl who was just going about a Sunday morning bicycle ride," Insp McGregor said.

"Unfortunately for her, the driver of the white Mercedes decided he was going to cut through on the left hand side of the other vehicles and at the same time he's collided with her and pushed her up against another car."

Police are trying to contact the dead woman's family.

"Animals are more compassionate, caring than that," a local trader Tony Christakakis told 9NEWS.

Police have released an image of the moustached-man, aged in his late 20s to early 30s, who was seen wearing black shoes, a black jacket and Adidas branded tracksuit pants.

"This is not going to go away ... we will not stop, we do not stop. We will arrest you," Insp McGregor said.

"You're going to go to court; you're going to look a lot better if you come to us."