Schiller Park police said they responded to the scene of a reported hit-and-run accident in the 9400 block of Irving Park Road just before 10 p.m.
One victim was transported to a local hospital in critical condition, then pronounced dead about 40 minutes later, police said.
The Cook County Medical Examiner identified the victim as 68-year-old Emil Benak of Schiller Park.
Police said the suspect vehicle, a black Volvo S60, was recovered in Chicago with fire damage just before 5 a.m. the next morning.
Schiller Park police detectives and crash reconstruction officers are currently investigating. Anyone with information about the incident is asked to contact the Schiller Park Police Department at 847-678-4794.