A pedestrian has died after a hit-and-run crash in Queensland's Fraser Coast region this morning.

A police spokesperson said the 57-year-old man was struck by a Hyundai hatchback about 4:30am in Hervey Bay, three hours' drive north of Brisbane.

The man sustained serious injuries and was declared dead at the scene.

The driver of the hatchback, a 20-year-old man, fled the scene and was located by police at his home in Urraween about 5am.

Police said he was assisting with their investigation.

The crash happened at the intersection of Banksia Street and the Esplanade in the suburb of Point Vernon.

A heart memorial with candles and a bouquet has been placed at the crash site.

Police are asking anyone with information or relevant footage to contact them.

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