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Security cameras captured the moment the driver appeared to run a red light, mowing down the victim just after 9am.
It shows a male pedestrian jogging across Johnston Street at the intersection of Hoddle Street.
At the same time, the driver of a grey Toyota sedan appears to run a red light, darting across six lanes of traffic.
The Fitzroy man was hit and killed on the crossing, Detective Acting Sergeant Leigh Miller said.
“It doesn’t appear speed is involved, it could be driver distraction,” Acting Sergeant Miller said.
Police say the male Toyota driver stopped at the scene.
Crash investigators are looking into the traffic light sequence at the time of the collision.
Other drivers and witnesses stopped.
Manny Capones said many people tried to help.
“There were people over him, on their phones calling emergency services. I saw the car and you could tell it had been hit quite heavily,” he said.
“It’s just sad, I feel sorry for them and their family.”
The driver is assisting police with their enquiries.
This year, 73 people have died on Victoria’s roads already. Last year 65 were killed.