The victim, 46-year-old Joyce Kenny, was struck at approximately 6:49 a.m. along the 5400 block of Torresdale Avenue, near the intersection of Fraley Street.
Kenny was crossing the street when she was struck by the pickup truck, which investigators say was traveling at a high rate of speed.
Police immediately began their search for the distinctive bright blue pickup truck with silver wings on its side, tinted windows and customized flames on the front grill.
The vehicle was later found at the intersection of Milnor and Comly streets in the city's Tacony section.
At the same time, police say the truck was being reported stolen by its owner.
The owner of the pick-up truck was taken in for questioning around 10:30 a.m. It's not clear yet where he was at the time of the crash.
Kenny was pronounced dead at the scene.
Shortly after the crash, people in the neighborhood started a memorial at the scene.
"I just want to see him rot in hell, really. To hit somebody and keep going is beyond my imagination," said Phil Gillice, a friend of the victim.
Mike Bettis lives on the corner and ran outside when he heard the crash.
"Before any ambulance or police got here she was already gone," said Bettis.
No charges have been filed in this case so far.