Investigators said they are looking for the other driver involved.
A family member and friend identify the victim as Elias Torres, 23, of Northeast Philadelphia. He leaves behind a one-year-old daughter.
The crash happened around 11:45 p.m. near 7th Street and Pattison Avenue.
Police say Torres lost control of his Jeep Grand Cherokee and hit a tree.
The Jeep then plowed into a fence and caught on fire.
Torres did not make it out of the burning wreckage.
Police do not know the model of the vehicle witnesses said was racing the Jeep.
Any witnesses are asked to call police.