The events unfolded at about 8 p.m., when the bicyclist was part of a Pride Ride event taking place along W. Dallas Street.
The group was in one lane, when the victim lost control of his bike and started to tilt onto the next lane. That's when a driver in a silver Mercedes hit the cyclist. Police said the driver tried leaving the scene at a high rate of speed, when his tire ran over the cyclist again.
The cyclist, a white man in his 40s, was taken to the hospital, where he was pronounced dead, police said.
Cyclists in the group tried stopping the driver but were unable.
HPD said they are looking for the driver and for video evidence in order to get a license plate.