Officials say a person of interest turned themselves in for questioning, but police have not made any arrests.
Officers responded to S. Broad Street and Oregon Avenue around 11:30 p.m. Monday. When they arrived, they found the woman unresponsive on the roadway.
"She was hit pretty hard and this vehicle was traveling at a high rate of speed," said Chief Inspector Scott Small with the Philadelphia Police Department.
She was rushed to the hospital, where she was pronounced dead.
Her name has not been released. Police initially said the woman was 72 years old, but investigators now say they believe the victim is in her 40s or 50s.
Authorities say the incident was caught on camera.
Video shows the woman was crossing Oregon Avenue at Broad Street when a light-colored SUV that was traveling westbound on Oregon Avenue ran a red light and struck her before fleeing the scene.
"This woman was crossing on the crosswalk. And she was crossing -- she had the green light, according to our cameras and witnesses -- and the vehicle that struck her went through a red light and then struck her," Small said.
Police say the vehicle struck the victim with such force that she was launched out of her sneakers and thrown roughly 100 feet.
Crash investigators said they've found some broken car parts and what they believe is the lens of a headlight at the scene.
Action News has learned police found the striking SUV on Warnock Street, near Shunk Street, in South Philadelphia.