It happened around 9:30 p.m at the intersection of Penrose Avenue and 26th Street, by an entrance to the Navy Yard.
Police say a black tow truck was traveling westbound on Penrose Avenue when the driver struck the victim.
"We were able to determine that the vehicle itself was a dually tow truck based on tire tracks and some other evidence," said Inspector D.F. Pace, with the Philadelphia Police Department.
A dually tow truck is one that has four tires on the back.
The victim was dragged approximately 100 feet, according to police. He was pronounced dead at the scene.
Police said the victim was killed at the base of the Platt Bridge, where a lot of people travel to and from the airport.
Officials also said they believe the tow truck driver had to have known he hit something or someone.
"It looks like it also skipped the curb and the body was dragged, tragically, along with that vehicle for a considerable distance," Pace said. "I would be hard-pressed to believe that he was not aware of what had just occurred."
Police believe the victim was experiencing homelessness and was known to those in the area.
The driver fled the scene westbound on Penrose Avenue.
"Given that the truck fled the scene, and this is true of any incidents of a hit-and-run, now a crime has been committed. Now the person is going to be sought as a person who committed a very serious crime."
Crash investigators will be checking video to determine which company the tow truck belongs to and who was inside.