The Cook County medical examiner has identified the victim as 30-year-old Fredrick Kobrick of Chicago.
It happened in the 1100-block of West 18th Street shortly before 1 a.m. According to authorities, the victim was going to meet friends when a car veered off the road, hit him and drove away.
Police later found the car involved. Officers spotted a car with front-end damage near 18th Street and Halsted streets and arrested a person of interest. They took him to the hospital for medical care. Authorities said charges were pending.
The bicyclist died after being transported to Stroger Hospital.
Later Tuesday, a vase with a small plant marked the spot where the bicyclist was killed.
"I came out here this morning just to say a prayer for the person's family because it's such an unnecessary tragedy," said neighbor and cyclist George Black, who added she was deeply saddened.
Officers say the person in their custody may have been under the influence of alcohol when the hit-and-run accident occurred.
Neighbors said they were happy someone was in custody.
"I'm glad. So, he won't do it again. You've just got to be careful with other people driving," said Sherice Clark, also a neighbor.
People who live near the accident scene say the bike lanes on 18th Street are clearly marked, but they believe these white lines are often ignored by careless drivers.
"People don't care. They're trying to get where they need to go. They don't care if you're in your own lane. To them, you're in their way," said Clark.
"I was commenting to my husband how busy the bike lane was. You are really taking your life in your hands," said Black.
The extent of person of interest's injuries was not unknown Tuesday, and his name was not being made public.