Investigators believe it is a black Chevy Camaro with gold New York State license plates.
The victim has been identified as 35-year-old Matthew Von Ohlen from Queens.
The accident happened about 2:30 a.m. in front of 690 Grand Street in Williamsburg. The bicyclist was in the bike lane at the time.
The driver fled the scene southbound on Bushwick Avenue, police say.