Police say the striking vehicle has been recovered and a person of interest is in custody.
The 14-year-old victim is hospitalized in serious condition.
The crash happened just before 8 a.m. in Port Richmond.
According to police, the teen was crossing in standstill traffic from the 1900 block of Clementine Street to the 3100 block of Frankford Avenue around 8 a.m. when he was hit by a BMW.
Police say the driver of the BMW initially stopped and got out but then got back in the vehicle and drove away.
Action News has obtained surveillance footage that shows the moment the teen was struck.
There were no immediate details available about the person of interest who is now in custody.
Action News was told by other teens that the victim is a student at Jules Mastbaum Vocational School. However, the school has not confirmed that yet.
The teen was taken to Saint Christopher's Hospital with non-life-threatening injuries.
RELATED: Check the 6abc Neighborhood Safety Tracker