It happened just after 7:30 p.m. at the intersection of North 5th Street and West Indiana Avenue in the city's Fairhill neighborhood.
According to police, a silver Hyundai Sonata was driving recklessly at high rates of speed when the car struck a 42-year-old woman as it turned left onto West Indiana Avenue.
Investigators believe the driver attempted to swerve around the victim but struck her instead. The car then reportedly continued down the sidewalk, where it hit a pillar and several parked cars.
Witnesses told Action News the force of the crash sent the woman flying in the air before she hit the sidewalk.
"She flew up in the air like 10 feet high. And it was really crazy, like some movie stuff I seen. I never seen nothing like this in my life," said the witness who asked to remain anonymous. "It hurt my stomach so bad from seeing this kind of situation."
The pedestrian was transported to Temple University Hospital, where she was pronounced dead a short time later.
There is no word yet on her identity.
Officers recovered the badly damaged Hyundai at the scene.
Police and several witnesses said two to three men jumped out of the car and fled the area on foot after the crash.
Officers did try to pursue the suspects but they got away, police said.
Authorities also said a gun and drugs were found inside the car, which is registered out of Lancaster County. Police clarified the car was not reported stolen.
Investigators are still looking into how and why the vehicle was in Philadelphia.
Anyone with information on this incident is asked to contact the police at 215-686-TIPS (8477).